A mega mixed-use development in Flushing just got a $101 million construction loan.
Xiaorong Zhai’s Jade Century Properties, along with its development partner Peter Huang, landed the financing to develop two 20-story residential buildings.
The edifices, which will feature 386 residential condominiums atop a parking podium, are the first phase of the 557,000-square-foot Flushing Point Plaza project at 131-02 40th Street. The complex is to include amenities such as a children’s playroom, library, gym and spa.
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Plans to develop the 2.5-acre triangular lot just east of the Van Wyck Expressway have been in the works for the past several years. The first phase construction is expected to be completed in 30 months, with plans to commence sales next spring, according to JCP.
HKS Real Estate Advisors’ Michael Lee facilitated the loan for the developers with Centennial Bank. The transaction was complex because the project had convertible debt and EB-5 mezzanine financing, Lee said in a statement.
JCP is betting on Queens’ condo market, which saw a strong comeback in the second quarter, when both median and average sales prices reached the highest levels on record at $704,481 and $800,066, respectively. The 588 sales during the quarter were the most in a quarter since 2011, according to the Elliman Report.
Zhai, JCP’s president, said in a written statement that the project’s second phase will be a hotel. According to plans filed with the city’s Department of Buildings, the 19-story, 525-room hotel will have a pool, ballroom and fitness center.
JCP is not the only developer active in the pandemic-ravaged hospitality market, which had nearly 40 percent fewer jobs in New York state in July than two years ago, according to the American Hotel & Lodging Association. As of July, more than 22,000 hotel rooms were in the final stage of construction in New York City, slated to open by the end of this year, according to STR.