April 7, 2020 Comments Off on Team Doshi Closes Multifamily Deal on Tight Deadline Views: 425 New York News, Outer Boroughs New York

Team Doshi Closes Multifamily Deal on Tight Deadline

Order Reprints...

Meridian Investment Sales’ Amit Doshi and Shallini Mehra recently closed on the sale of 111-17 Northern Blvd. in the North Corona neighborhood of Queens. The corner multifamily property sold for $4.875 million, at a cap rate of 5.6%.

Doshi and Mehra represented the seller, Singh & Mehta LLC, and the purchaser, Bellefleur Investments, both longtime clients of the duo. The seller was willing to sell in the current market in order to close on a 1031 exchange on Manhattan’s Lower East Side.

“In spite of the city’s standstill status amid COVID-19, we were able to close on this sale, which had a time-is-of the-essence looming,” said Doshi.

Meridian’s Simon Rosenfeld and Craig Berger arranged $3.4 million in financing for the acquisition, and an additional $6.1 million in financing to refinance a medical building owned by the purchaser at 175-02 Hillside Ave.

Connect With Meridian Investment Sales


Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny

Tags: , ,

Comments are closed.

Send this to a friend