BHI, Valley National Bank Lead $78M Construction Loan for Rego Park Resi Tower
By Andrew Coen July 17, 2023 2:08 pm
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RJ Capital Holdings has nabbed $78 million of construction financing to build a 16-story residential tower in Rego Park, Queens, Commercial Observer has learned.
BHI and Valley National Bank led the loan for the developer’s planned Trylon Tower project at 98-81 Queens Boulevard, while Be Aviv served as the mezzanine lender.
Ahead of the financing, RJ Capital completed a Uniform Land Use Review Procedure to upzone the property for high-rise multifamily, demolished the existing commercial structure and installed a foundation in order to obtain a 421a tax abatement prior to the program’s expiration.
Meridian Capital Group arranged the transaction with a team led by Morris Betesh, Eli Serebrowski and Alex Bailkin, out of the company’s New York City headquarters.
“Rego Park is an up-and-coming pocket of Central Queens that is seeking increased amounts of institutional investment,” Betesh said in a statement. “Meridian was able to leverage RJ Capital’s local expertise and strong market presence to source a syndicate of regional banks in addition to mezzanine financing in a very challenging market for construction financing.”
Once completed, Trylon Tower will span roughly 215,000 gross square feet with 170 apartments. The property will also include retail space and parking.
Officials at RJ Capital Holdings, BHI, Valley National Bank and Be Aviv did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
