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Chris Jiashu Xu Of United Construction & Development Group Refinances Long Island City Development Site For $27.5M

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FINANCED
$2,750,000

New York

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Development Site
Financed 01/12/2024
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FINANCED

Chris Jiashu Xu Of United Construction & Development Group Refinances Long Island City Development Site For $27.5M

41-50 21st Street

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Development Site
Financed 01/12/2024
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

The development site at 41-50 21st Street in Long Island City, Queens, with a buildable square footage of 218,500, was the subject of a $27.5 million refinance loan. The loan was provided by Bill S. Chen of New Era Life Insurance to the landlord, Chris Jiashu Xu of United Construction & Development Group.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $27,500,000
  • Address: 41-50 21st Street
  • Market: Long Island City, Queens
  • Lender: Bill S. Chen - New Era Life Insurance
  • Landlord: Chris Jiashu Xu - United Construction & Development Group

United Construction & Development Group, represented by LIC Venture Capital LLC, successfully secured the $27.5 million refinance loan from New Era Life Insurance for the mentioned development site. The deal emphasizes the strategic financial partnership between the borrowing entity and the lending institution, paving the way for continued development activities at the property.

Players

New Era Life Insurance
New Era Life Insurance
LENDER

Details

FINANCED
IMAGE: Chris Jiashu Xu DATE: 01/12/2024 ADDRESS: 41-50 21st Street MARKET: Long Island City, Queens ASSET TYPE: Development Site ~ BSF: 218,500 LENDER: Bill S. Chen - New Era Life Insurance LANDLORD: Chris Jiashu Xu - United Construction & Development Group LOAN AMOUNT: $27,500,000 LOAN TYPE: Refinance NOTE: United Construction & Development Group, represented by LIC Venture Capital LLC, secured a refinance loan valued at $27.5 million from New Era Life Insurance for the development site at 41-50 21st Street in Long Island City, Queens.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$2,750,000.00

Monthly NOI$18,333.33
Monthly Debt Service$17,381.87
Change in Cash Flow$0.00
Refinance Proceeds$0.00