Kearny Bank Provides $4.1M Acquisition Loan For NNN Package Deal In Valley Stream

The property involved in this transaction is a package deal located at 285 East Merrick Road in Valley Stream. It encompasses a total square footage of 18,500 and is categorized as a net lease property. The deal closed with a loan amount of $4,100,000 acquired through Kearny Bank at a rate of 6.5%, structured as a 30-year loan with terms of 5+5+5 years and a loan-to-value ratio of 65%.

Summary of transaction details:

• Property Type: Package Deal
• Transaction Amount: $4,100,000
• Lender: Kearny Bank
• Landlord: Sighn Warch
• Broker: John Lagoudis - Aegean Capital
• Loan Type: Acquisition
• Loan Terms: 6.5% Rate, 5+5+5/30 Year Loan
• Tenant Mix: Dollar Tree, Cooper Electric, and UPS Store
• Closing Time: 45 days

John Lagoudis of Aegean Capital represented the landlord Sighn Warch in this transaction. The deal included a diverse tenant mix, contributing to its net lease structure.