Meridian Capital Group Refinances Staten Island Retail Shopping Center For $41.75M
2965 Veterans Road West
$41,750,000
Building Size
—
Asset Type
Retail
Closing
Sep 23, 2023
About this deal
AI
A retail shopping center located at 2965 Veterans Road West in Staten Island has recently undergone a refinancing transaction. The property, owned by Joyland Management, was represented by Morris Betesh and Jack McPhail from Meridian Capital Group. The noteworthy aspect of this transaction is the loan amount, which totaled $41,750,000.
Summary of transaction details
- Property Type: Retail Shopping Center
- Transaction Amount: $41,750,000
- Address: 2965 Veterans Road West
- Market: Staten Island
- Landlord: Joyland Management
- Brokers: Morris Betesh & Jack McPhail - Meridian Capital Group
- Loan Type: Refinance
Morris Betesh and Jack McPhail, representing Meridian Capital Group, played a vital role in facilitating this refinancing deal for the retail shopping center on Veterans Road West. The transaction showcases their expertise in navigating the financial aspects of property ownership and management.
Players
Staten Island 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
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93