Cornerstone Capital Facilitates $2.8M Construction Completion Bridge Loan For Retail Property On Merrick Blvd
228-02 Merrick Blvd, Queens, Jamaica, NY, USA
$2,800,000
$280/SF
Building Size
10,000 SF
Asset Type
Retail
Closing
Feb 2, 2021
About this deal
AI
This transaction involves a retail property located at 228-02 Merrick Blvd in Queens. The property spans 24,000 square feet and consists of four stores and a community facility.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $2,800,000
- Date: 02/03/2021
- Market: Queens
- Landlord: Zain Mounasser
- Brokers:
- Russell Nova - @RussellNova
- Alexander Nemirovskiy
- Igor Zakh - @Igor_Zakh
- CornerstoneCapitalOfNY
Note: This was a construction completion of the property, which required a quick and efficient closing. Cornerstone Capital of NY facilitated the $2,800,000 18-month construction completion bridge loan to help the sponsor finish the property.
Contact US and at the us on Instagram and Facebook for our latest CLOSINGS! 📸 @CornerstoneCapitalofNY
Email: [email protected] / Phone: 718-975-8900
Players
New York Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.67%
Cash-on-Cash
-1.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93