Daily limit: 0/10
George Xu Of Century Development Group Secures $43.4 Million Construction Loan For 116-Unit Development
FINANCED
$43,400,000
New York
See Similar DealsDevelopment Site
Financed 05/29/2026
FINANCED
George Xu Of Century Development Group Secures $43.4 Million Construction Loan For 116-Unit Development
33-75 Farrington Street
See Similar DealsDevelopment Site
Financed 05/29/2026
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The property asset involved is a development site located at 33-75 Farrington Street in Flushing, equipped with a building square footage of 78,653. The planned development will consist of 116 residential units and is backed by a construction loan of $43,400,000 from Bank Hapoalim.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $43,400,000
- Address: 33-75 Farrington Street
- Market: Flushing
- Lender: Bank Hapoalim
- Landlord: George Xu - Century Development Group
Century Development Group, represented in the deal by George Xu, secured financing through 35 Ave Xu Holdings LLC, marking a significant step towards the realization of the residential development project in Queens.
Players
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$43,400,000.00
Monthly NOI$289,333.33
Monthly Debt Service$274,317.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00
Is there something missing? Send suggestions