Capital One Lends $89M on Queens Multifamily Complex
Cathy Cunningham Oct. 4, 2016, 5:05 p.m.
Capital One Multifamily Finance has provided a $89.3 million to Larry Kinitsky’s Windsor Park complex in Bayside, Queens, city records indicate. The 15-year Freddie Mac fixed-rate loan consolidates and replaces previous mortgages, one of which dates back to 1950, on the nine-building property.
The 46-acre cooperative complex is located at 213-05 75th Avenue, a 10-minute drive to Bay Terrace Shopping Center or the Long Island Rail Road station in Bayside and comprises 1830 units, a swimming pool and tennis courts and has 2000 parking spaces. It was established as a cooperative in 1983.
Capital One has been active in providing Freddie Mac-secured loans. In June, the bank provided a seven-year, $65.2 million loan to Spruce Capital Partners and Post Road Properties for Hawthorne Court, a 434-unit multifamily complex in Central Islip, N.Y., as well as a $32 million loan to FirstService Residential for a 338-unit cooperative building at 310 East 46th Street.
A spokesman for Capital One declined to comment, and officials at Windsor Park did not immediately respond to a request for comment.