Pi Capital Partners snags $60M refi for Elmhurst resi building

Loan for 85-15 Queens Boulevard comes from First Republic Bank

TRD New York /
Nov.November 08, 2018 06:30 PM

A rendering of 85-15 Queens Boulevard in Queens

Pi Capital Partners has landed a $60 million mortgage to refinance construction debt at its new residential building in Elmhurst.

The debt is a five-year, fixed-rate loan from First Republic Bank for 85-15 Queens Boulevard, according to property records and sources familiar with the deal. It replaces $55 million in prior financing from People’s United Bank.

Cary Pollack and Judah Neuman of Meridian Capital Group brokered the deal, which was first reported by Commercial Observer.

The 250,000-square-foot building is known as Elm West and contains 147 luxury apartments, along with a 32,000-square-foot charter school and 30,000 square feet of ground floor retail.

Pi Capital Partners received a $43 million recapitalization loan for its Flushing Professional Tower at 136-18 39th Avenue earlier this year. It received another $43 million loan last summer from Bank of China for its luxury rental building at 86-55 Broadway in Elmhurst known as Elm East.


Related Articles

arrow_forward_ios
Gov. Andrew Cuomo (Getty, iStock)

Commercial eviction and foreclosure ban extended until January

Commercial eviction and foreclosure ban extended until January
The Manhattan office market’s overall vacancy rate rose to a 24-year high of 13.3% in the third quarter (iStock)

Cushman & Wakefield paints bleak picture for Manhattan office market

Cushman & Wakefield paints bleak picture for Manhattan office market
Travis Kalanick (Getty; iStock)

Travis Kalanick cooks up a real estate empire

Travis Kalanick cooks up a real estate empire
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
Subversive CEO Richard Acosta (Photos via ICSC; iStock)

Riding high: Inception, Subversive to launch publicly traded cannabis REIT

Riding high: Inception, Subversive to launch publicly traded cannabis REIT
Gov. Andrew Cuomo announced that movie theaters in some New York counties can reopen, but NYC’s theaters are excluded for now. (Getty; iStock)

Cuomo: Movie theaters can reopen — but not in NYC

Cuomo: Movie theaters can reopen — but not in NYC
Blackstone’s Stephen Schwarzman, Roku CEO Anthony Wood and Coleman Highline in San Jose (Blackstone; Wikipedia Commons; Coleman Highline)

Blackstone buys Roku’s Silicon Valley office buildings

Blackstone buys Roku’s Silicon Valley office buildings
arrow_forward_ios

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

Loading...