Bank Of America Provides $11.35M Loan For Howard Beach Property
82-17 153rd Ave, Howard Beach, NY 11414, USA
$11,350,000
$189/SF
Building Size
60,000 SF
Asset Type
Other
Closing
Oct 17, 2019
AI
The property located at 82-17 153rd Avenue in Howard Beach has been involved in a closed transaction. The deal was facilitated by MERIDIAN CAPITAL GROUP and the brokers involved were Bryan Geffen and Meyer Ovadia. The property is a commercial asset with a total area of 60,000 square feet. The transaction involved a loan amount of $11,350,000 provided by Bank of America - Merrill Lynch. The property is owned by Cathy Napolitano and Tahoe Development.
Summary of transaction details
- Property Type: Commercial
- Transaction Amount: $11,350,000
- Address: 82-17 153rd Avenue, Howard Beach
- Market: Howard Beach
- Lender: Bank of America - Merrill Lynch
- Landlord: Cathy Napolitano and Tahoe Development
- Brokers: Bryan Geffen and Meyer Ovadia - MERIDIAN CAPITAL GROUP
- Square Footage: 60,000
Bryan Geffen and Meyer Ovadia from MERIDIAN CAPITAL GROUP played a crucial role in representing the parties involved in this transaction. They effectively facilitated the deal between the buyer, seller, landlord, and tenant, ensuring a successful outcome for all parties.
Players
New York Other Market Snapshot
Boundary boundary · Other · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.40%
Cash-on-Cash
-0.40%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93