Skyland Management signs $14M refi loan with Angel Oak for 133-unit rental in Jamaica

Skyland Management through the entity 109-15 Merrick Blvd. Holdings, LLC as borrower signed a refi loan with lender Angel Oak Commercial Lending valued at $14 million for the 133-unit residential elevator building (D1) at 109-15 Merrick Boulevard in Jamaica, Queens.
The deal closed on June 7, 2023 and was recorded on July 3, 2023. The prior lender was Ellington Management Group which held debt that had an original loan amount of $18.8 million.
The property has 118,566 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $118 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on November 11, 2015, for $23 million. The signatory for Skyland Management was Isaac Dabakaroff. The signatory for Angel Oak Commercial Lending was Dolly Laubach.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Isaac Dabakaroff, head officer and Angela Dabakaroff, officer. The business entities are Skyland Management Group Llc, Skyland Management Group Llc., and 109-15 Merrick Blvd Holdings Llc. The 118,566-square-foot property generated revenue of $1.9 million or $16 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 133 residential units in Jamaica has 118,566 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 411 feet and is 100 feet deep with a total lot size of 41,215 square feet. The lot is irregular. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.5 million. The most recent loan totaled $18.8 million and was provided by Ellington Management Group on September 23, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,562 in ECB penalties, 376 housing violations, $2,562 in OATH penalties, and nine housing litigations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 118,566 square feet on the block.The identified owner is Skyland Management.
There are no active new building construction projects on this tax block.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Skyland Management owned at least one commercial property with 133 residential units in New York City with 118,566 square feet and a city-determined market value of $7.5 million. (Market value is typically about 50% of actual value.) The portfolio has $18.8 million in debt, borrowed from Ellington Management Group. The portfolio consists of at least a single elevator property. It is located in Queens.

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