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Community Builders Secures $68.4 Million Loan From Community Preservation Corporation For Queens Development Site

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FINANCED
$68,400,000

New York

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Development Site
Financed 10/16/2025
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Property Image
FINANCED

Community Builders Secures $68.4 Million Loan From Community Preservation Corporation For Queens Development Site

726 Bay Street

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Development Site
Financed 10/16/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

The property asset involved in this transaction is a development site located at 726 Bay Street in Queens, featuring a total buildable square footage of 92,400. The planned residential project will include 89 units and has secured a construction loan amounting to $68,400,000.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $68,400,000
  • Address: 726 Bay Street
  • Market: Queens
  • Asset Size: 92,400 BSF
  • Lender: Rafael E. Cestero - Community Preservation Corporation
  • Landlord: Bart Mitchell - Community Builders

This transaction was facilitated by Rafael E. Cestero representing the lender, Community Preservation Corporation, while Bart Mitchell represented the landlord through Community Builders. The project was filed by Jesse Batus in January 2025, and building permits have not yet been obtained.

Players

Community Preservation Corporation (CPC)
Community Preservation Corporation (CPC)
LENDER

Details

FINANCED
IMAGE: Bart Mitchell & Rafael E. Cestero DATE: 10/16/2025 ADDRESS: 726 Bay Street MARKET: Queens ASSET TYPE: Development Site ~ BSF: 92,400 LENDER: Rafael E. Cestero - Community Preservation Corporation (CPC) LANDLORD: Bart Mitchell - Community Builders (@TCBCommunities) LOAN AMOUNT: $68,400,000 LOAN TYPE: Construction NOTE: Community Builders secured a $68.4 million construction loan from Community Preservation Corporation for its planned 89-unit, 92,400-square-foot residential project at 726 Bay 32nd Street in Queens. The project, filed by Jesse Batus in January 2025, has not yet received building permits.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$68,400,000.00

Monthly NOI$456,000.00
Monthly Debt Service$432,334.53
Change in Cash Flow$0.00
Refinance Proceeds$0.00