United Construction & Development Group Secures $17.9M Loan From Preferred Bank For Flushing Project
140-28 31st Drive
$17,900,000
$877/SF
Building Size
20,400 SF
Asset Type
Development Site
Closing
Apr 21, 2026
AI
The property asset involved in this transaction is a development site located at 140-28 31st Drive in Flushing, Queens. The site has a total building square footage (BSF) of 54,262 and a total square footage (SF) of 20,400. The loan amount secured for this project is $17,900,000, intended for construction purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $17,900,000
- Asset Address: 140-28 31st Drive
- Market: Flushing
- Lender: Preferred Bank
- Landlord: Chris (Jia Shu) Xu - United Construction & Development Group
- Loan Type: Construction
Chris (Jia Shu) Xu, representing United Construction & Development Group, is the key individual involved in this transaction. The financing replaces prior debt from Maspeth Federal Savings, facilitating a 47-unit residential project at the aforementioned address.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.89%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93