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

Loan comes from Industrial and Commercial Bank of China, USA

Aug.August 23, 2018 04:30 PM

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.

Related Articles

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

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

REIT stocks fall amid global coronavirus concerns (Credit: Getty Images, iStock)

REITs take a hit amid growing coronavirus concerns

Compound CEO Janine Yorio and a Clinton Hill property available to users on Compound

Real estate’s micro-investing moment

133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

Centrale at 138 East 50th Street and Ceruzzi Properties’ Arthur Hooper (Hooper by Sasha Maslov)

Ceruzzi Properties secures $350M to refi Midtown East tower

Denizen Bushwick at 54 Noll Street (Credit: iStock, Google Maps)

All Year closing in on $675M refi for Rheingold Brewery development

Denizen Bushwick at 54 Noll Street (Credit: Google Maps, iStock)

A major Bronx landlord is shorting All Year’s bonds. Are his concerns legit?