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71 21 Parsons Boulevard

Updated Feb 2, 2026

David Marx Of Marx Development Group Secures $105.6M Refinance Loan From Tel Aviv Stock Exchange In Flushing Queens
FINANCEDDevelopment Site

David Marx Of Marx Development Group Secures $105.6M Refinance Loan From Tel Aviv Stock Exchange In Flushing Queens

71 21 Parsons Boulevard & 71 20 160th Street

$105,600,000

Building Size

—

Asset Type

Development Site

Closing

Jan 7, 2026

About this deal

AI

The asset involved in this transaction is a development site located at 71-21 Parsons Boulevard and 71-20 160th Street, situated in the Flushing market of Queens. The refinance deal involves a total loan amount of $105,600,000. The transaction pertains to the refinancing of two development sites, which previously had a debt amount of $67,000,000.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $105,600,000
  • Lender: Tel Aviv Stock Exchange
  • Landlord: David Marx - Marx Development Group
  • Previous Debt Amount: $67,000,000

David Marx, representing Marx Development Group, facilitated this refinancing transaction via Utopia Realty LLC. The refinancing allows for further development opportunities in the Flushing area, following an adjustment from the prior debt amount to the current loan amount obtained from the bondholders of Tel Aviv Stock Exchange.

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$105,600,000

Development Site

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Players

Tel Aviv Stock Exchange
Tel Aviv Stock ExchangeLender
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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.15%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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