43-26 49th Street, Long Island City, Queens, NY
February 2018- Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors (“Q10NY”), an affiliate of Houlihan-Parnes Realtors, is pleased to announce the closing of an acquisition loan in the amount of $2,869,000 secured by a 4-story walk-up apartment building containing 16-units located on a tree-lined street in Sunnyside Queens. The immediate area is improved with a mix of well-maintained residential properties that are within walking distance to a broad range of commercial and retail businesses that line Roosevelt Avenue and Queens Blvd. The IRT-Flushing Line (#7 Train) is a short 2 blocks from the subject.
The loan was closed through the Freddie Mac Small-Balance Loan program. The borrower opted for a 20-year Hybrid ARM. The rate on the initial 5-year term was fixed at 3.58% followed by a floating-rate period for the remainder of the term (180 months). During the floating rate period the coupon is reset every 6 months and is based on a spread over a 6 month LIBOR index. The non-recourse, PAR loan was amortized over 30 years.