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21-02 44th Road

Bell Realty's Eric Belanich Secures $17M Refinance Loan From First National Bank In Long Island City
FINANCEDSpecial Purpose

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