Updated Dec 5, 2025
Jiashu Xu Of United Construction & Development Group Refinances Long Island City Development Site For $39.5M
41 50 21st Street
$39,500,000
Building Size
—
Asset Type
Development Site
Closing
Nov 14, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 41-50 21st Street in Long Island City, Queens. The refinancing amount for this property is $39,500,000 with the prior debt being $27,500,000. The transaction is part of the Long Island City market.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $39,500,000
- Lender: New Era Life Insurance
- Landlord: Jiashu Xu - United Construction & Development Group
- Loan Type: Refinance
- Address: 41-50 21st Street
- Market: Long Island City, Queens
The refinancing was executed by United Construction & Development Group through Lic Venture Capital LLC, indicating a strategic financial move to optimize their existing debt structure. The lender in this transaction is New Era Life Insurance, marking their involvement in providing substantial capital for development projects in the area.
On the Map
$39,500,000
Development Site
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Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93