Xiaorong Zhai's Jade Century Properties Secures $30M Construction Loan In Rego Park
98-10 63rd Road
$30,000,000
$129/SF
Building Size
232,347 SF
Asset Type
MultiFamily
Closing
Mar 1, 2024
AI
Xiaorong Zhai's Jade Century Properties secured a $30 million construction loan from East West Bank for a 260-unit residential elevator project located at 98-10 63rd Road in Rego Park, Queens. The multifamily property spans 232,347 square feet.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $30,000,000
- Market: Rego Park, Queens
- Lender: East West Bank
- Landlord: Xiaorong Zhai - Jade Century Properties
- Address: 98-10 63rd Road
- Asset Type: Multifamily
- Square Footage: 232,347
The $30 million loan was provided by East West Bank to support the construction of a residential elevator project consisting of 260 units in Rego Park, Queens. Xiaorong Zhai, representing Jade Century Properties, is the landlord overseeing this development.
Players
Forest Hills MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93