Deutsche Bank Lends $70M on Forest Hills Condo Asset
By Andrew Coen March 22, 2022 2:59 pm
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RJ Capital Holdings has landed a $70 million debt package to refinance a mixed-use condominium in Forest Hills, Queens, Commercial Observer has learned.
Deutsche Bank provided the floating-rate condo inventory loan, which is indexed to SOFR. Meridian Capital Group arranged the transaction with a team led by Morris Betesh, Alex Bailkin and Eli Serebrowski.
“In capitalizing on the strong sales and leasing velocity of this project, we were able to execute a highly structured balance-sheet loan at a significantly reduced interest rate from the sponsor’s construction loan,” Betesh said in a statement. “The early success of this project is a testament to the quality of the property’s location as well as it being a best-in-class asset in a supply-constrained market.”
Located at 107-02 Queens Boulevard, less than half a mile from Forest Hills Stadium, the 10-story, 74-unit mixed-use property encompasses 66,573 square feet of residential and retail space along with a 46-car parking garage. It consists of 23 one-bedroom condo units, 36 two-bedroom units, two three-bedroom units and 26,868 square feet of commercial space.
“We’re glad to see that lenders agree with our understanding of this marketplace,” said Michael Abramov, principal of RJ Capital Holdings. “We have the lease up and the sales activity that provide a proven track record for this product type at this location.”
Officials at Deutsche Bank did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
