Queens developer hunts for distressed debt

Queens-based developer Triangle Equities is on the hunt for distressed commercial real estate debt that it can invest in over the next 18 months, the company said. According to the Queens Chronicle, Triangle, which recently picked up an $8 million non-performing construction loan on 42-05 Parsons Boulevard in Flushing and is in the process of developing a mixed-use property in Staten Island, said it is looking at investments of between $4 million and $50 million with an internal rate of return of 15 percent or more. It plans to keep whatever assets it acquires on its balance sheet long-term. “We’ve talked to banks about doing a host of different things, besides just outright buying the notes,” said Brett Goldman, director of acquisitions. “We’ve suggested joint ventures to help work out problem loans. We’d also be willing to be a fee developer, as opposed to taking equity, so that a bank could pay a monthly stipend to help them move problems along.” [Queens Chronicle]