Updated May 11, 2026
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
About this deal
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
Loading comparables…
Deal FAQ
Visit Chris (Jia Shu) Xu to view all their deals.
Browse New York development site loans on Traded.
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