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

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.