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Marx Development Group Refinances Two Specialty Residential Properties In Queens And Brooklyn For $76.8M

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FINANCED
$76,800,000

New York

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Special Purpose565,216 SF
Financed 03/21/2025
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FINANCED

Marx Development Group Refinances Two Specialty Residential Properties In Queens And Brooklyn For $76.8M

71 61 159th Street & 636 Louisiana Avenue

See Similar Deals
Special Purpose565,216 SF
Financed 03/21/2025
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Summary

NEW YORK
Asset Type:Special Purpose
Price Per Square Foot:$135
Total Square Footage:565,216 SF
Transaction Type:Loan

Two specialty residential properties were refinanced, encompassing a total of 204 units. The addresses include 71-61 159th Street and 636 Louisiana Avenue, located in the Queens and Brooklyn markets. The properties have a combined square footage of 282,608 and were refinanced with a loan amount of $76,800,000.

Summary of transaction details:

  • Property Type: Special Purpose
  • Transaction Amount: $76,800,000
  • Asset Square Footage: 282,608
  • Address: 71-61 159th Street & 636 Louisiana Avenue
  • Market: Queens & Brooklyn
  • Lender: Tel Aviv Stock Exchange
  • Landlord: David E. Marx & David Slifkin - Marx Development Group
  • Loan Type: Refinance

The refinancing was executed through bondholders from the Tel Aviv Stock Exchange via Mishmeret Trust, highlighting the financial backing behind the transaction. The landlords, David E. Marx and David Slifkin, represent Marx Development Group in this financial agreement.

Players

LENDER

David E. Marx
4 deals$170.2M volume
LANDLORD

Details

FINANCED
IMAGE: David E. Marx & David Slifkin DATE: 03/21/2025 ADDRESS: 71-61 159th Street & 636 Louisiana Avenue MARKET: Queens & Brooklyn ASSET TYPE: Special Purpose ~ SF: 282,608 LENDER: Tel Aviv Stock Exchange LANDLORD: David E. Marx & David Slifkin - Marx Development Group LOAN AMOUNT: $76,800,000 LOAN TYPE: Refinance NOTE: Marx Development Group refinanced two specialty residential properties totaling 204 units with a $76.8M loan from Tel Aviv Stock Exchange bondholders via Mishmeret Trust.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$76,800,000.00

Monthly NOI$512,000.00
Monthly Debt Service$485,428.24
Change in Cash Flow$0.00
Refinance Proceeds$0.00