The Real Deal New York

F&T lands $214 million construction loan for Tangram project

HSBC provided $278M total for 4-building Flushing development
By Chava Gourarie | December 29, 2016 05:40PM

Conceptual renderings for the Tangram (credit: Margulies Hoeltzli via YIMBY) (inset: F&T’s Michael Lee)

F&T Group secured a $214.1 million construction loan from HSBC Bank for the Tangram, a four-building Flushing complex that would bring a mix of retail, office, residential condominiums and hotel to replace the former Flushing Mall.

The loans total $278 million, according to property records filed with the city Thursday. The financing combines a $157 million building loan and $57 million project loan, and consolidates an additional $63 million in previous loans.

Over the past two years, F&T has filed plans for four buildings at the site: two 13-story residential building at 133-31 39th Avenue; a 16-story residential building; and a 14-story office property at 37-12 Prince Street. The complex, designed by Margulies Hoelzi, will include close to 300 apartments, a 185-key hotel, and 355,000 square feet of commercial space.

F&T is also behind another mixed-use project in Flushing at One Fulton Square, and is one of the developers, along with Rockefeller Development Corporation and AECOM Capital, of the 1.8 million-square-foot Flushing Commons complex.

Clarification: The story was updated to reflect the updated name of the project, the “Tangram.” It was previously called Two Fulton Square.