Prolific Queens developer Chris Xu locked down a $67.5 million mortgage to build a 183-unit condominium project in Elmhurst.
The money from Taiwanese company First Commercial Bank consolidates two notes of $13.25 million and $4.25 million, and it includes a new $50 million construction loan as well, according to property records.
Xu’s company, United Construction & Development Group, is planning an 18-story condo project at 88-08 Justice Avenue with a preschool and daycare center on the first four floors. The project spans 271,000 square feet. Xu and representatives from First Commercial Bank did not immediately respond to requests for comment.
The developer recently sold two large properties in Queens: a parcel in Flushing at 39-02 Janet Place for $45 million and a development site in Jamaica at 163-05 and 163-25 Archer Avenue for about $55 million. He is also at work on a 67-story story tower in Long Island City that would be Queens’ tallest building.