The Real Deal New York

Pi Capital Partners nabs $43M loan for Flushing office building

Loan comes from Industrial and Commercial Bank of China, USA
By Eddie Small | August 23, 2018 04:30PM

136-18 39th Avenue in Flushing (Credit: Google Maps)

Pi Capital Partners has received a $43 million recapitalization loan for its Flushing Professional Tower, according to the company.

The Industrial and Commercial Bank of China (USA) N.A. provided Pi with the five-year low-leverage loan. Pi has owned the building at 136-18 39th Avenue since at least 1996 and developed the property in 2002.

The office building stands 13 stories tall and spans more than 100,000 square feet. It serves as the regional headquarters for companies including Capital One, Long Island Business Institute and Pacific Delight World Tours.

Pi Capital received another $43 million loan last July from Bank of China for Elm East, its luxury rental building at 86-55 Broadway in Elmhurst.

Flushing has become an extremely busy real estate market lately. In the past few months alone, the Chinese developer Yihai Group has filed plans to build a 506-unit hotel and residential building at 133-25 37th Avenue,  and developer Xin Xiang Lin filed plans in June to build an eight-story, 131-unit mixed use building at 144-27 Sanford Avenue, the site of a Mormon church.