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First Lien Mortgage Debt Fund 613

Bayside, Queens, NY
7.5 - 7.75%
Annual Return

FUNDED
Investment Summary

Offering Amount: $1,400,000 

Estimated Return: 7.50% - 7.75% Annualized Return1

Investment Type: First Lien Mortgage (Land & Construction)

Unit Price: $10,000 per Subscription Unit

Offering Date: October 2020

Investment Horizon: 12 - 30 Months (3+1+1+1 Months)

Dividend Schedule: Prepaid before per Period

1 7.50% Annualized Return for Investment of 1-19 Units; 7.75% Annualized Return for Investment above 20 Units.

Property Overview

Site Location: 45-45 211th St., Bayside, NY 11361

Region: Bayside, Queens, New York

Land Area: 9,000 SF( 65 Ft. x 125 Ft.)

Zoning: R3-A(FAR 0.5)

Land Closing Price: $1,500,000 U.S. Dollar

Land Closing Date: November 4th,2020

 

- The project is located in a matured residential area in Bayside, Queens. The land area of ​​the project is 9,000 square feet. By now, it is a single-family residential building. The developer will subdivide the land to develop 3 independent two-family houses.

- As in the core area of ​​Bayside, with abundant living facilities nearby, including Asian supermarkets, convenience stores, restaurants and cafes, the site is appropriate for residential purpose. In addition, the New York 26th school district where the area is located offers excellent quality of education and good public security, making the neighborhood one of the hottest communities to settle in New York City in recent years.

- The transportation around the neighborhood is convenient and accessible in all directions in New York City. It is 0.4 miles from the Long Island Railway Station with only 7-minute walkway; 25-minute by train to Midtown Manhattan, and 20-minute by bus Q12 to Flushing; 20-minute by car to JFK International Airport.

 

The developer expects to purchase the land, with a total land area of ​​9,000 square feet, at a price of $1.5 million in November 2020. The current buildings on the land are only a house and a utility room, left plenty of usable space. According to the architectural planning, the purchased land will be subdivided into 3 lots, and each lot will be developed to a two-family residential property with the area as following:

Lot 1: 3,075 SF (Gross Buildable Area: 2,143 SF);

Lot 2: 3,168 SF (Gross Buildable Area: 2,200 SF);

Lot 3: 2,760 SF (Gross Buildable Area: 1,956 SF).

The zoning of the land is R3A. It is expected that a two-story, two-family residential building and a separate single-car garage will be built in each lot. Each residential unit will have 3 bedrooms, 2 full-bathrooms, an open kitchen, and a mixed space of living and dining room. The unit on the first floor will have a full-basement that can store accessories, with a laundry area, utility room, and a full-bathroom.

 

Hightlights

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