Updated Dec 27, 2024
Chris Jiashu Xu Secures $25 Million Refinancing Loan For Development Site At 131-01 Roosevelt Avenue
131-01 Roosevelt Avenue
$25,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 3, 2024
About this deal
AI
The development site located at 131-01 Roosevelt Avenue in Flushing, Queens offers a buildable square footage of 214,928 square feet. This site has recently secured a refinancing loan amounting to $25 million from New Era Life Insurance Company.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $25,000,000
- Lender: New Era Life Insurance
- Landlord: Chris Jiashu Xu - United Construction & Development Group
- Loan Type: Refinance
Chris Jiashu Xu, representing United Construction & Development Group, facilitated this refinancing through New Janet De, LLC, establishing the transaction with New Era Life Insurance Company for the specified development project.
Players
Flushing Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
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