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Chris (Jia Shu) Xu Of United Construction & Development Group Refinances Long Island City Development Site For $40M
FINANCED
$40,000,000
New York
See Similar DealsDevelopment Site
Financed 06/30/2025
FINANCED
Chris (Jia Shu) Xu Of United Construction & Development Group Refinances Long Island City Development Site For $40M
42 50 24th Street
See Similar DealsDevelopment Site
Financed 06/30/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
42-50 24th Street is a development site located in Long Island City, Queens. The property has undergone a refinance transaction amounting to $40,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $40,000,000
- Lender: Lily Guo - iCross Capital
- Landlord: Chris (Jia Shu) Xu - United Construction & Development Group
- Loan Type: Refinance
- Date: 06/30/2025
The refinancing of the property was facilitated by United Construction & Development Group, which is led by Chris (Jia Shu) Xu. The lender in this transaction, providing the substantial loan, is Lily Guo representing iCross Capital.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$40,000,000.00
Monthly NOI$266,666.67
Monthly Debt Service$252,827.21
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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