facebook
TradedTraded
    Home
    Search
    Closings
    Listings
    On Market
    Off Market
    Add a listing
    Vaults
    shh
    Rankings
    News
    Data
    Socials
    More


Messages

Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

New York

/

Retail

/

Loan

/

255-01 Union Turnpike

Feil Organization Secures $28 Million Refinance Loan From Mutual Of Omaha For Glen Oaks Retail Properties
FINANCEDRetail

Feil Organization Secures $28 Million Refinance Loan From Mutual Of Omaha For Glen Oaks Retail Properties

255-01 Union Turnpike

$28,000,000

Building Size

Asset Type

Retail

Closing

Oct 24, 2024

AI

The transaction involves two retail properties located at 255-01 and 255-03 Union Turnpike in Glen Oaks, Queens. The properties are secured in a refinance loan arrangement totaling $28 million, which is aimed at replacing $25 million in prior debt. The loan is instrumental for the Feil Organization in managing their retail assets.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $28,000,000
  • Lender: Bradley R. Hammitt - Mutual of Omaha
  • Landlord: Jeffrey J. Feil - Feil Organization
  • Prior Debt: $25,000,000 from M&T Bank

Key individuals in this transaction include Bradley R. Hammitt, representing Mutual of Omaha, and Jeffrey J. Feil, representing the Feil Organization. They are pivotal in facilitating the refinance, ensuring the continuity of the properties' financial management and operational capacity.

Players

Mutual of Omaha
Mutual of OmahaLender

Glen Oaks Retail Market Snapshot

Boundary boundary · Retail · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.57%

Cash-on-Cash

-0.16%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93