The Real Deal New York

Queens multifamily landlord receives $71M refinancing package from Capital One

Money goes toward buildings scattered throughout eastern Queens
August 30, 2018 02:07PM

From left: 89-21 Elmhurst Avenue and 41-11 Elbertson Street in Elmhurst (Credit: Google Maps and Apartments)

Central Queens Properties has received $71 million in refinancing from Capital One Bank for nine of its residential buildings in the eastern part of the borough.

The deal includes a new $31 million mortgage and a refinancing of $40 million in outstanding debt, according to Commercial Observer. One of the nine properties is a seven-story building at 89-21 Elmhurst Avenue in Elmhurst, which had the most 311 complaints about poor heating throughout the city last year.

Other properties include 41-11 Elbertson Street in Elmhurst and 439 Beach 22nd Street in Far Rockaway. Multiple buildings are also in Jamaica near the transit hub connecting the subway, the AirTrain and the Long Island Rail Road to John F. Kennedy International Airport. [CO] – Eddie Small