Updated Oct 29, 2024
Chris Xu's United Construction & Development Group Acquires Development Site In Flushing For $25M With Lender Bank Hapoalim
131-14 Roosevelt Ave, Flushing, NY 11367, USA
$25,000,000
Building Size
—
Asset Type
Development Site
Closing
May 3, 2020
About this deal
AI
A development site located at 131-01 Roosevelt Avenue in Flushing was involved in a closed transaction. The property was owned by Chris Xu of United Construction & Development Group. The deal was facilitated by Morris Betesh from Meridian Capital Group. The loan amount for this transaction was $25,000,000 and the lender involved was Bank Hapoalim.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $25,000,000
- Address: 131-01 Roosevelt Avenue, Flushing
- Market: Flushing
- Landlord: Chris Xu – United Construction & Development Group
- BROKER: Morris Betesh @ Meridian Capital Group
Chris Xu, the owner of United Construction & Development Group, acted as the landlord in this transaction. The lending institution, Bank Hapoalim, provided a loan amount of $25,000,000. Morris Betesh from Meridian Capital Group represented the parties involved in the deal.
On the Map
$25,000,000
Development Site
View full map
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Browse New York development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93