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
Glen Oaks 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
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93