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HK Development Inc Secures $20M Construction Loan For Flushing Development Site

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FINANCED
$20,000,000

New York

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Development Site
Financed 06/01/2023
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Property Image
FINANCED

HK Development Inc Secures $20M Construction Loan For Flushing Development Site

31 35 137th Street Flushing, New York 11354, Usa

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Development Site
Financed 06/01/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

A new construction loan valued at $20 million has been secured by Jianzhong Zhan, operating under American HK Development Inc., for a project located at 31-35 137th Street in Flushing, Queens. The project involves the construction of a 56-unit residential building spanning 50,455 square feet.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $20,000,000
  • Address: 31-35 137th Street, Flushing, Queens
  • Market: Flushing, Queens
  • Loan Type: Construction
  • Lender: Cathay Bank
  • Landlord: HK Development Inc - Jianzhong Zhan

Jianzhong Zhan, operating under American HK Development Inc., successfully secured the construction loan from Cathay Bank for the development project at 31-35 137th Street in Flushing, Queens. The loan will be used to fund the construction of the 56-unit residential building, which will span an impressive 50,455 square feet.

Players

Cathay Bank
Cathay Bank
LENDER

Details

FINANCED
IMAGE: 06/01/2023 ADDRESS: 31-35 137th Street MARKET: Flushing, Queens ASSET TYPE: Development Site ~ BSF: 50,455 LENDER: Cathay Bank LANDLORD: HK Development Inc - Jianzhong Zhan LOAN AMOUNT: $20,000,000 LOAN TYPE: Construction NOTE: Jianzhong Zhan, operating under American HK Development Inc., secured a new construction loan valued at $20 million from Cathay Bank for a project located at 31-35 137th Street in Flushing, Queens. The project involves the construction of a 56-unit residential building spanning 50,455 square feet.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$20,000,000.00

Monthly NOI$133,333.33
Monthly Debt Service$126,413.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00