Jiashu Xu Of United Construction & Development Group Refinances Long Island City Development Site For $39.5M

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.