Emigrant Bank Provides $2M Acquisition Loan For Retail Property At 74-01 Roosevelt Avenue In New York City
FINANCED
$2,000,000
New York
See Similar DealsRetail3,000 SF
Financed 05/31/2023
FINANCED
Emigrant Bank Provides $2M Acquisition Loan For Retail Property At 74-01 Roosevelt Avenue In New York City
74-01 Roosevelt Ave Queens, NY 11372, USA
See Similar DealsRetail3,000 SF
Financed 05/31/2023
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$666
Total Square Footage:3,000 SF
Transaction Type:Loan
The retail property located at 74-01 Roosevelt Avenue in New York City has recently been involved in a closed transaction. The property spans over 3,000 square feet and is owned by the Rayani Family Trust.
Summary of Transaction Details
- Property Type: Retail
- Transaction Amount: $2,000,000
- Lender: Emigrant Bank
- Landlord: Rayani Family Trust
- Broker: John Lagoudis - Realty Executives
- Mortgage Broker: Aegean Commercial Capital
The loan, valued at $2,000,000, was provided by Emigrant Bank for the purpose of acquisition. It is a purchase mortgage with a 6.5% interest rate. The loan terms include a 10-year term with a 30-year amortization schedule.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$2,000,000.00
Monthly NOI$13,333.33
Monthly Debt Service$12,641.36
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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