Updated Dec 4, 2024
Joginder Sharma Secures $12 Million Refinance Loan For Package Deal In Queens And Manhattan
154-10 South Conduit Avenue, 767 8th Avenue & 155th Street
$12,000,000
$71/SF
Building Size
56,034 SF
Asset Type
Package Deal
Closing
Aug 5, 2024
About this deal
AI
A package deal consisting of three properties located at 154-10 South Conduit Avenue, 767 8th Avenue, and 155th Street has been refinanced. The total square footage of the properties is 56,034, situated in the Queens and Manhattan markets, and the loan amount secured was $12,000,000.
Summary of transaction details:
- Property Type: Package Deal
- Transaction Amount: $12,000,000
- Lender: State Bank of Texas
- Landlord: Joginder Sharma
- Loan Type: Refinance
Joginder Sharma, through 767 8th Avenue LLC, played a significant role in securing the refinancing for the aforementioned properties, which include hotels in the specified markets.
On the Map
$12,000,000
$71/SF
Package Deal
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93