The asset involved in this transaction is a development site located at 6201 6th Avenue in Sunset Park, Brooklyn. The property comprises two parcels with a total building square footage of 118,860. The loan amount secured for this development site is $22,500,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $22,500,000
• Lender: Bill Chen - New Era Life Insurance
• Landlord: Ki Tai Yeung; Chris (Jia Shu) Xu - United Construction & Development Group
• Previous Loan Amount: $21,400,000 from Cathay Bank
• Loan Type: Refinance
• Date: 06/18/2025

This transaction involved key stakeholders including Ki Tai Yeung and Chris (Jia Shu) Xu representing United Construction & Development Group in refinancing the property. The refinancing replaced an existing loan from Cathay Bank, facilitating the continued development of the site.