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.
On the Map
$25,000,000
Development Site
View full map
Players
Flushing Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
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