Updated Aug 24, 2026
Jiashu Xu's United Construction & Development Group Secures $65 Million Refinance From Bank Hapoalim
41-02 22nd Street
$65,000,000
Building Size
—
Asset Type
Industrial
Closing
Jul 22, 2026
About this deal
AI
The asset involved in this transaction is an industrial property located at 41-02 22nd Street in Long Island City, Queens. The property has been refinanced for $65 million, replacing a $12.5 million loan from Maspeth Federal Savings, and increasing the debt by $52.5 million.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $65,000,000
- Lender: Bank Hapoalim (BHI)
- Landlord: Jiashu (Chris) Xu - United Construction & Development Group
- Loan Type: Refinance
The refinancing was handled by Jiashu (Chris) Xu representing United Construction & Development Group, facilitating the interaction with Bank Hapoalim for the secured amount.
Players
Long Island City Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93