Eastern Consolidated’s Capital Advisory Division has arranged a $42 million bridge loan from a private lender for the acquisition of a development site, the former Assi Plaza supermarket located at 131-01 39th Avenue in Flushing, Queens.
The total acquisition cost was north of $90 million.
The borrower, Triple Star Realty LLC, plans to raze the existing structures and develop a 631,752 s/f mixed-use waterfront complex consisting of a 360-unit residential condominium, 200-room hotel, retail, a supermarket, general and medical office space, and parking.
Jonathan Aghravi, managing director, and Charles Han, associate director, both of Eastern’s Capital Advisory Division, led the financing team, which also consisted of Ben Tapper, senior director, and Tripp Lyons, associate director.
“Through Eastern’s close relationship with the lender and the hard work of all involved, we were able to negotiate a larger loan and facilitate the closing,” Aghravi said. “We now look forward to working with the borrowers on procuring the construction financing for the project.”
The Flushing development will be comparable to some of the largest projects in the area such as Sky View Parc, Flushing Commons, and Willets Point.