Malachite Group Secures $14.4M Acquisition Loan From Flushing Bank For Retail Properties In Rego Park

The transaction involved three retail properties located at 95-05 63rd Drive and 94-14 63rd Drive in Rego Park, Queens. The total square footage for the properties is 29,500, along with additional air rights of 43,400 square feet. The acquisition loan for the properties was structured at a loan amount of $14,400,000.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $14,400,000
• Lender: Flushing Bank
• Landlord: Manouchehr Malekan - Malachite Group
• Asset Type: Retail
• BSF: 72,900
• Market: Rego Park, Queens

Malachite Group, represented by Rego Park Portfolio II LLC, facilitated the acquisition loan through Flushing Bank. The deal was focused on securing financing for the retail properties, enhancing Malachite Group's portfolio in the Rego Park market.