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Bank Of America Provides $11.35M Loan For Howard Beach Property

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FINANCED
$11,350,000

New York

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Other60,000 SF
Financed 10/18/2019
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Property Image
FINANCED

Bank Of America Provides $11.35M Loan For Howard Beach Property

82-17 153rd Ave, Howard Beach, NY 11414, USA

See Similar Deals
Other60,000 SF
Financed 10/18/2019
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Summary

NEW YORK
Asset Type:Other
Price Per Square Foot:$189
Total Square Footage:60,000 SF
Transaction Type:Loan

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

Meyer Ovadia
4 deals$121.9M volume(212) 612-0190
BROKER

Bryan Geffen
Meridian Capital Group
20 deals$184.2M volume
BROKER

Bank of America
LENDER

Details

FINANCED
IMAGE: Bryan Geffen & Meyer Ovadia DATE: 10/18/2019 ADDRESS: 82-17 153rd Avenue MARKET: Howard Beach LENDER: Bank of America – Merrill Lynch LANDLORD: Cathy Napolitano and Tahoe Development BROKERS: MERIDIAN CAPITAL GROUP – Bryan Geffen & Meyer Ovadia LOAN AMOUNT: $11,350,000 SF: 60,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$11,350,000.00

Monthly NOI$75,666.67
Monthly Debt Service$71,739.72
Change in Cash Flow$0.00
Refinance Proceeds$0.00