Updated Aug 28, 2026
Michael Lee Of F&T Group Secures $123M Construction Loan From Maxim Capital Group In Flushing
37-01 138th Street
$123,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 13, 2026
About this deal
AI
A construction loan of $123 million was secured for a new retail and office building located at 37-01 138th Street in Flushing, Queens. The development site encompasses a total gross space of 233,294 square feet.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $123,000,000
- Lender: Maxim Capital Group
- Landlord: Michael Lee - F&T Group
- Market: Flushing, Queens
The loan was arranged by F&T Group, led by Michael Lee, who is overseeing the development of the project at the specified address, aiming to enhance the commercial offerings in the Flushing market.
On the Map
$123,000,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93