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Debt & Equity

Singh secures $34.7M loan for acquisition of Kushner’s Astoria portfolio

Queens investor Karan Singh has secured a $34.7 million loan for his acquisition of Kushner Companies’ Astoria portfolio.

Photo via Google Street View
Photo via Google Street View

According to lender Greystone, the financing covers three of the four buildings in the Kushner portfolio. The addresses for the properties are: 21-30 38th Street, 23-05 30th Avenue and 23-15 30th Avenue.

“Orchestrating these near-simultaneous transactions in less than seven weeks and overcoming a number of unique market challenges both tested and proved the strength in Greystone’s teamwork and our commitment to our clients,” said Avrom Forman, a director at Greystone.

The properties in the package contain a total of 119 apartment units and retail space. Prior to the acquisition, the buildings were rehabbed with $10 million in renovations.

According to a press release from last month, Kushner sold the properties through its investment platform arm Cadre. The package, which was acquired in 2015, was sold for over $70 million.

Aside from the Astoria mortgage, Singh also refinanced the Fulton Manor Apartments in Hempstead, Long Island for $47.6 million loan. The 337-unit multifamily complex, which is near Hofstra University and Adelphi University, is managed by Karan’s 590-600 Realty Corporation. The two loans are seven-year Fannie Mae loans with 30 years amortization.

“We are beyond thrilled with the execution of the refinance and acquisition for the Long Island and Astoria properties,” said Mr. Singh.

Singh is rapidly expanding his Queens portfolio. According to a previous report from the Real Deal, he recently bought 71-05 37th Avenue and 71-11 37th Avenue in Jackson Heights for $31.5 million.

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