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.