Cayre Equities signs $32M refi loan with Bank Hapoalim for storage building in Glendale

Cayre Equities through the entity Cs Cooper Ave LLC as borrower signed a refi loan with lender Bank Hapoalim valued at $32 million for two development buildings including the development building at on 79-33 Cooper Avenue in Glendale, Queens.
The deal closed on December 8, 2021 and was recorded on February 3, 2022. The prior lender was Bank Hapoalim which held debt that had an original loan amount of $22.8 million.

The signatory for Cayre Equities was Kenneth Cayre. The signatory for Bank Hapoalim was Douglas Rutley and Mimi Vu.

This includes $9,288,254.22 in new debt.
In Glendale, the majority, or 62 percent of the 17.7 million square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 13 percent of the space. In sales, Glendale has the 29th highest sale turnover among other neighborhoods in Queens with $33.5 million in sales volume in the last two years. For development, Glendale has had very little major development activity relative to other neighborhoods.It had 57,902 square feet of commercial and multi-family construction under development in the last two years, which represents 0.33 percent of the neighborhood’s built space.
On the tax block, the majority, or 86 percent of the 147,987 square feet of built space are industrial buildings, with 1-4 family buildings next occupying 14 percent of the space.
Within a 400-foot radius of N/A 79th Place, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on February 12, 2020 for the $4 million renovation of 67,400-square-foot R-1 building with 22 residential units at 78-16 Cooper Avenue.
One of those two items was a loan which Israel Rabinowitz borrowed $7 million from TriState Capital Bank secured by the 51,000-square-foot, two-unit industrial (F1) on 78-16 Cooper Avenue and two other properties on July 6, 2020.

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