The Real Deal New York

Queens developer lands $75M loan for latest Flushing project

Philip Chong of HCRE secured the financing
By Mary Diduch | January 28, 2019 01:10PM

A rendering of 144-51 Northern Boulevard in Queens and HCRE’s Philip Chong (Credit: Apartments and Twitter)

Shanghai Commercial has offered up more construction financing for a new development, this time for a mixed-use project in Flushing.

The Hong Kong-based lender provided $75 million to an entity managed by developer Philip Chong of HCRE for the development at 144-51 Northern Boulevard, according to mortgage documents recorded Monday with the city’s Department of Finance.

The bank did not immediately return a request for comment. Chong could not be reached.

The borrowing entity, CW Northern LLC, bought the development site a few years ago for $46.2 million. At the time, Shanghai provided a $30.4 million acquisition loan.

It’s unclear what exactly will be going up at the site. On HCRE’s website, a rendering of the project shows a multi-level glass structure. The site notes the project will have residential units and commercial, retail and community space. The property is zoned for 89,640 square feet of mixed-use development, according to New York YIMBY.

Across the street, Sky View Northern Tenant LP also is building a mixed-use project at 144-74 Northern Boulevard. The seven-story, 103-unit development, designed by Ismael Leyva Architects, is expected to be completed this year.

Meanwhile, Shanghai Commercial is one of the more active hotel construction lenders in the city.

Earlier this month, the bank loaned about $131 million to Youngwoo & Associates to build its colorful 22-story hotel, office and retail development in Washington Heights.

And last year, Frank Ng landed $60 million from the lender for a hotel he is planning at 132 West 28th Street in Chelsea.