A&E Real Estate Holdings borrows $97.5M from Deutsche Bank for multifamily property in Queens

A&E Real Estate Holdings through the entity Queens Portfolio V, LLC as borrower signed a loan agreement with lender Deutsche Bank valued at $97.5 million for 2 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 538 residential units at 98-09 65th Road, 64-33 98th Street in Queens. The deal closed on November 18, 2019 and was recorded on December 6, 2019.
The property contains a total of 255,400 square feet of built space. The property has 806,442 square feet of available development rights.
The average loan per unit is $181,227.
The debt replaces $33.5 million in existing loans and includes a new gap mortgage totaling $64 million.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $86,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link