Chris Jiashu Xu's Mixed-Use Tower In Long Island City Secures $502M Construction Loan With JPMorgan Chase
23-15 44th Dr, Long Island City, NY 11101, USA
$502,000,000
$508/SF
Building Size
987,054 SF
Asset Type
Mixed-use
Closing
Jul 8, 2018
About this deal
AI
A construction loan in the amount of $502,000,000 has been secured for the development of a mixed-use tower located at 23-15 44th Drive in Long Island City, New York City. The loan was provided by JPMorgan Chase, and the developer and landlord of the property is Chris Jiashu Xu. The transaction was facilitated by Morris Betesh of Meridian Capital Group.
Summary of transaction details
- Property Type: Mixed-Use Tower
- Transaction Amount: $502,000,000
- Lender: JPMorgan Chase
- Developer/Landlord: Chris Jiashu Xu
- Broker: Morris Betesh with Meridian Capital Group
Morris Betesh of Meridian Capital Group played a key role in the transaction as the broker representing Chris Jiashu Xu, the developer and landlord. The construction loan provided by JPMorgan Chase will fund the development of the mixed-use tower located at 23-15 44th Drive in Long Island City.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
Loading comparables…
Deal FAQ
Visit Morris Betesh to view all their deals.
Browse New York mixed use loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93