Benefit Street Partners Provides $34M Acquisition Loan For Queens Retail Property
92-59 59th Avenue, Queens, New York 11373, United States
$34,000,000
$168/SF
Building Size
202,383 SF
Asset Type
Retail
Closing
Dec 23, 2021
About this deal
AI
The retail property located at 92-59 59th Ave. in Queens was involved in a recent closed transaction. The property spans across 204,000 square feet.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $34,000,000
- Address: 92-59 59th Ave., Queens
- Market: Queens
In this deal, the loan amount provided was $34,000,000 and the loan type was an acquisition loan. Benefit Street Partners acted as the lender in this transaction. The landlord of the property is Ashkenazy Acquisition Corp. Representing the buyer and seller in this deal were brokers Daniel Fromm, Dustin Stolly, and Jordan Roeschlaub from Newmark.
Players
New York 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
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93