Bell Realty's Eric Belanich Secures $17M Refinance Loan From First National Bank In Long Island City
21-02 44th Road & 44-41 21st Street
$17,000,000
$75/SF
Building Size
226,000 SF
Asset Type
Special Purpose
Closing
Oct 3, 2024
AI
The properties located at 21-02 44th Road and 44-41 21st Street in Long Island City, Queens encompass a special purpose and industrial asset type with a total square footage of 113,000. The refinanced loan from First National Bank of Long Island amounts to $17,000,000.
Summary of transaction details:
- Property Type: Special Purpose & Industrial
- Transaction Amount: $17,000,000
- Address: 21-02 44th Road & 44-41 21st Street
- Market: Long Island City, Queens
- Lender: Richard O’Rourke - First National Bank Of Long Island
- Landlord: Eric Belanich - Bell Realty
- Loan Type: Refinance
The refinancing transaction was completed by the Belanich family's entity, Bell Realty. Richard O’Rourke represents First National Bank of Long Island in this loan agreement.
Players
Long Island City Special Purpose Market Snapshot
Boundary boundary · Special Purpose · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93