Dennis Mihalatos Of LoanFunders.com LLC Arranges $6.5M Bridge Loan For Astoria Retail Property
676 Sixth Avenue & 35 52 Steinway Street
$6,500,000
$1,413/SF
Building Size
4,600 SF
Asset Type
Retail
Closing
Aug 21, 2025
AI
The transaction involved a retail asset located at 676 Sixth Avenue & 35-52 Steinway Street, in the Astoria market, with a total square footage of 4,600. The loan amount secured by this property was $6,500,000, and it was a refinance loan type.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $6,500,000
- Address: 676 Sixth Avenue & 35-52 Steinway Street
- Market: Astoria
- Asset Size: 4,600 SF
- Loan Type: Refinance
- Landlord's Representative: Dennis Mihalatos - LoanFunders.com LLC
LoanFunders.com LLC, under the leadership of Dennis Mihalatos, facilitated the $6,500,000 bridge loan, which was secured by two NYC properties. This transaction involved addressing a complex, long-standing legal issue associated with the sponsor’s investment and aimed to restructure and stabilize the sponsor’s portfolio while refinancing existing first mortgage liens.
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
2.44%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93