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Chris (Jia Shu) Xu Secures $50 Million Refinance Loan For Long Island City Development Site
FINANCED
$50,000,000
New York
See Similar DealsDevelopment Site
Financed 04/02/2026
FINANCED
Chris (Jia Shu) Xu Secures $50 Million Refinance Loan For Long Island City Development Site
42-50 24th Street
See Similar DealsDevelopment Site
Financed 04/02/2026
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The property involved in this transaction is a development site located at 42-50 24th Street in Long Island City, Queens. It has a total of 255,304 buildable square feet and is currently under the ownership of United Construction & Development Group.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $50,000,000
- Lender: iCross Capital
- Landlord: Chris (Jia Shu) Xu - United Construction & Development Group
- Loan Type: Refinance
- Date of Closing: April 2, 2026
- Previous Loan Amount: $40,000,000
- Recorded Date: April 17, 2026
The deal features Chris (Jia Shu) Xu, representing United Construction & Development Group through L Island City LLC. The transaction involved securing a $50 million refinancing loan to replace an earlier $40 million loan for the property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$50,000,000.00
Monthly NOI$333,333.33
Monthly Debt Service$316,034.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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