Updated May 12, 2026
Related Companies Secures $430.8M Loan From NYC Housing Development Corp. For Willets Point Development
126-20 Willets Point Boulevard
$430,800,000
Building Size
—
Asset Type
Development Site
Closing
Nov 21, 2023
About this deal
AI
Related Companies, through the entity Willets Point Phase I Housing Development Fund, has secured a $430.8 million construction loan from NYC Housing Development Corporation for a three-parcel development site at 126-20 Willets Point Boulevard in Willets Point, Queens. The development site is a development site with a total buildable square footage of 521,402 square feet. The address of the property is 126-20 Willets Point Boulevard in Willets Point, Queens. The loan amount for this transaction is $430,800,000. The loan type is construction loan. The lender involved in this deal is NYC Housing Development Corporation and the landlord is Frank Monterisi - Related Companies.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $430,800,000
- Buildable Square Footage: 521,402 sq ft
- Address: 126-20 Willets Point Boulevard, Willets Point, Queens
- Lender: NYC Housing Development Corporation
- Landlord: Frank Monterisi - Related Companies
The lender, NYC Housing Development Corporation, has provided a construction loan of $430.8 million to Related Companies for the development site at 126-20 Willets Point Boulevard. The loan will support the construction of the three-parcel development site in Willets Point, Queens. The landlord in this transaction is Frank Monterisi, representing Related Companies.
On the Map
$430,800,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93