Triple Star Realty refis Flushing dev site with $47M loan

RWN Management modified acquisition loan and provided additional predevelopment financing

New York /
Jul.July 18, 2017 05:15 PM

The developer behind one of Flushing’s largest mixed-use projects extended the term on the site’s original acquisition loan and brought in additional predevelopment funds.

Triple Star Realty refinanced its mixed-use waterfront development site at 131-01 39th Avenue with $46.7 million in interim financing from RWN Management, according to property records filed with the city Tuesday.

RWN, an investment adviser, modified the $42 million acquisition loan it provided to Triple Star when the developer acquired the site in 2015 for $78 million, and floated additional financing to cover predevelopment costs at the site.

Representatives for Triple Star could not be reached for comment, and a representative for RWN declined to comment. The deal was negotiated by former Cushman & Wakefield brokers Morris Betesh and Daniel Belecen, who have since left to head a debt-brokerage team at Meridian Capital Group. The brokers declined to comment.

It wasn’t immediately clear when Triple Star, headed by Andy Zhu, would begin looking for construction financing for the site. When the company bought it in 2015, Zhu was reportedly planning to enter the market for a construction loan within three to six months, but the developer never locked down construction financing.

The company filed for demolition permits at the site last year. The developer plans to build a mixed-use complex with 360 residential condos, a 200-room hotel, medical office space, parking and retail, including a supermarket.

The site holds nearly 632,000 buildable square feet. It sits right next to a 3.7-acre site that developer Chris Xu bought last year for $100 million. That property, which offers roughly 870,000 buildable square feet as-of-right, is directly next to the Sky View Parc condo complex.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
The Grand Hyatt Hotel at 109 East 42nd Street and and  RXR’s Scott Rechler (Wikipedia Commons; Getty)

Grand Hyatt redevelopment could be 1,600-foot supertall

Grand Hyatt redevelopment could be 1,600-foot supertall
A rendering of Gowanus Green and HPD commissioner Louise Carroll (Rendering via Jonathan Rose Companies)

Massive Gowanus development will be 100% affordable

Massive Gowanus development will be 100% affordable
Sheldon Solow (Getty)

Billionaire developer Sheldon Solow dies at 92

Billionaire developer Sheldon Solow dies at 92
One Madison Avenue and Marc Holliday (Photos via SL Green)

SL Green snags $1.25B construction loan for One Madison Avenue

SL Green snags $1.25B construction loan for One Madison Avenue
Peter Koo and the Flushing waterfront (Facebook, Flushing Waterfront, rendering by Jeff Strikeman Architectural Art)

Flushing … another project down the toilet?

Flushing … another project down the toilet?
11 Penn Plaza and 120 Wall Street (VNO, Wikipedia Commons)

Manhattan’s top real estate loans post second best month since March

Manhattan’s top real estate loans post second best month since March
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...