Chris Jia Shu Xu Refinances 120 Unit Condo In Flushing With $65 Million Loan From New Era Life Insurance
134 03 35th Avenue
$65,000,000
$213/SF
Building Size
304,804 SF
Asset Type
Condo
Closing
Jan 28, 2025
AI
The property asset involved is a condo located at 134-03 35th Avenue in Flushing, Queens. This building comprises 120 units and has a total square footage of 304,804. The property was refinanced with a loan amounting to $65,000,000.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $65,000,000
- Lender: Bill Chen - New Era Life Insurance
- Landlord: Chris (Jia Shu) Xu - United Construction & Development Group
- Previous Loan Amount: $88,000,000
- Previous Lender: Centennial Bank
The deal involves Chris (Jia Shu) Xu from United Construction & Development Group, who refinanced the property through Bill Chen of New Era Life Insurance. This refinancing specifically replaced a previous loan arrangement with Centennial Bank, providing new financial support for the landlord's condo building.
Players
Flushing Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93