Maxim Capital Supplies $40M Acquisition Loan for Queens Development Site
By Andrew Coen June 2, 2023 12:06 pm
reprints
United Construction and Development Group has landed $40 million of acquisition financing to purchase a Rego Park, Queens, development site to build a mixed-use multifamily project, Commercial Observer has learned.
Maxim Capital Group provided the loan for United’s acquisition of 93-30 93rd Street, which spans nearly 140,000 square feet and offers roughly 670,000 of buildable square feet, according to Meridian Capital Group, which brokered the deal. The developer plans to build three high-rise residential towers totaling 706 units along with 200,000 square feet of commercial space and 806 parking spaces at the empty lot adjacent to the Rego Center shopping mall.
United, which was founded by Chris Jiashu Xu, acquired the property from Vornado in March for about $70 million, The Real Deal reported at the time.
Meridian Capital’s Morris Betesh and Omar Ferreira arranged the debt transaction.
“We’re delighted to have collaborated with United Construction & Development, among the most prolific developers in Queens, and Maxim Capital Group on this financing which will ultimately transform a currently vacant site in the heart of Rego Park into over 700 units and commercial space,” Betesh said in a statement. “The loan closed within 10 days from term sheet execution ahead of the borrower’s [time of essence] and all parties worked efficiently through the zoning and entitlement questions to get to the finish line.”
Spokespeople for Maxim Capital and United did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
