Metropolitan Bank Provides $32M Loan For Two Charter Schools In Jamaica, Queens
25 161st Street, Jamaica, NY, USA
$32,000,000
$692/SF
Building Size
46,228 SF
Asset Type
Other
Closing
Jun 11, 2020
About this deal
AI
Two charter schools located at 89-17 & 89-25 161st Street in Jamaica, Queens have recently secured a loan of $32,000,000. The loan transaction took place on June 11, 2021, and the lender involved in the deal was Metropolitan Bank. The landlord of the property is Barone Management. The asset type of these schools is two charter schools.
Summary of transaction details
- Property Type: Two Charter Schools
- Transaction Amount: $32,000,000
- Address: 89-17 & 89-25 161st Street, Jamaica, Queens
- Market: Jamaica, Queens
The loan for the charter schools was arranged by Adam Hakim and James Murad from Meridian Capital Group. They represented the landlord, Barone Management, in the deal.
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
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93