Citi Bank Provides $24.5 Million Acquisition Loan For Retail Asset In Flushing
39 09 Main Street & 39 11 Main Street
$24,500,000
$720/SF
Building Size
17,000 SF
Asset Type
Retail
Closing
Jan 27, 2025
About this deal
AI
The property asset involved in this transaction is a retail space located at 39-09 Main Street in Flushing, with a total square footage of 17,000. The loan amount for this acquisition is $24,500,000.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $24,500,000
- Lender: Citi Bank
- Landlord:
- Broker: Cary Pollack - Meridian Capital Group
- Date of Transaction: 01/27/2025
The key individuals involved in this deal include , representing , and Cary Pollack from Meridian Capital Group, who acted as the broker for this transaction. The collaboration facilitated the acquisition process in the Flushing market.
Flushing 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
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93