Asian Americans for Equality Lands $79M Loan for Flushing Transitional Housing
By Andrew Coen March 6, 2024 3:01 pm
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Asian Americans for Equality (AAFE) has secured a $79.2 million debt package to develop a transitional housing project in Flushing, Queens, property records show.
UMB Bank acted as trustee for the loan package on the nonprofit organization’s planned Magnolia Gardens project that it will manage in partnership with the Urban Resources Institute. The financing includes a $45.1 million construction loan, $22 million acquisition loan and $12.1 million project loan agreement, according to property records.
Located at 39-03 College Point Boulevard in Downtown Flushing, the seven-story Magnolia Gardens development will include 90 apartment units designated for families with children in need of shelter, according to the New York City Housing Authority. The project will also leverage support from New York City’s Department of Homeless Services.
The Magnolia Gardens proposal advanced in May 2022 after concerns about the project were voiced at Community Board 7 meetings regarding the facility’s layout and the size of the apartments.
Officials at AAFE and the Urban Resources Institute did not immediately return requests for comment. UMB Bank declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
