Pi Capital Partners Secures $60M Loan For Residential New Development In Elmhurst, Queens
85-15 Queens Blvd, Flushing, NY 11373, USA
$60,000,000
$24/SF
Building Size
2,500,000 SF
Asset Type
Other
Closing
Nov 7, 2018
About this deal
AI
The residential new development located at 85-15 Queens Boulevard in Elmhurst, Queens, New York has been involved in a closed transaction. The property spans 250,000 square feet and was developed by Pi Capital Partners.
Summary of transaction details:
- Property Type: Residential New Development
- Transaction Amount: $60,000,000
- Address: 85-15 Queens Boulevard
- Market: Elmhurst, Queens, New York
The loan for this transaction, amounting to $60,000,000, was provided by FirstRepublic with a five-year fixed-rate term. The brokers involved in this deal were Cary Pollack and Judah Neuman from Meridian Capital Group.
Players
Elmhurst Other Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93