Updated Aug 17, 2026
Chris Xu Of United Construction & Development Group Secures $65 Million Refinance Loan In Long Island City
41-10 22nd Street
$65,000,000
$103/SF
Building Size
629,741 SF
Asset Type
Development Site
Closing
Jul 22, 2026
About this deal
AI
This transaction involves a development site located at 41-10 22nd Street in Long Island City. The asset has a total square footage of 629,741. The loan amount secured for refinancing this property is $65,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $65,000,000
- Lender: BHI & IDB
- Borrower: Chris Xu - United Construction & Development Group
- Landlord's Rep: Morris Betesh, Omar Ferreira & Jacob Petrovic - Arrow Real Estate Advisors
- Date: 07/22/2026
The deal features key individuals such as Chris Xu who represents United Construction & Development Group as the borrower, while Morris Betesh, Omar Ferreira, and Jacob Petrovic represent the landlord through Arrow Real Estate Advisors. This group is instrumental in facilitating the transaction.
Players
Long Island City 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
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93