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Chris Jia Shu Xu Refinances 120 Unit Condo In Flushing With $65 Million Loan From New Era Life Insurance

Property Image
FINANCED
$65,000,000

New York

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Condo304,804 SF
Financed 01/28/2025
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Property Image
FINANCED

Chris Jia Shu Xu Refinances 120 Unit Condo In Flushing With $65 Million Loan From New Era Life Insurance

134 03 35th Avenue

See Similar Deals
Condo304,804 SF
Financed 01/28/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Condo
Price Per Square Foot:$213
Total Square Footage:304,804 SF
Transaction Type:Loan

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

New Era Life Insurance
New Era Life Insurance
LENDER
New Era Life Insurance
New Era Life Insurance
LENDER
CX
United Construction & Development Group
Chris Xu
5 deals$163.9M volume
LANDLORD

Details

FINANCED
IMAGE: Chris JiaShu Xu DATE: 01/28/2025 ADDRESS: 134-03 35th Avenue MARKET: Flushing, Queens ASSET TYPE: Condo ~ SF: 304,804 ~ UNITS: 120 LENDER: Bill Chen - New Era Life Insurance LANDLORD: Chris (Jia Shu) Xu - United Construction & Development Group LOAN AMOUNT: $65,000,000 LOAN TYPE: Refinance NOTE: United Construction & Development Group refinanced its 120-unit condo building at 134-03 35th Ave in Flushing with a $65M loan from New Era Life Insurance, replacing an $88M loan from Centennial Bank.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$65,000,000.00

Monthly NOI$433,333.33
Monthly Debt Service$410,844.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00