A&E refis $97.8M with Signature Bank secured by 612 units in Queens

A&E Real Estate Holdings borrowed $97.8M from Signature Bank which refinanced 612 units in eight properties in Queens in eight separate transactions. The total prior debt on these buildings was $105.1 million. A&E has refinanced two other batches of buildings and in one group the total debt increased and in another it fell.

In the first loan, A&E Real Estate Holdings through the entity 98-30 67Th Avenue, LLC as borrower signed a loan agreement with lender Signature Bank valued at $22.8 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 120 residential units at 98-30 67th Avenue in Rego Park. The deal closed on January 28, 2021 and was recorded on March 2, 2021.
The property contains a total of 132,725 square feet of built space.
The average loan per unit is $189,901.
The last time the property sold was December 5, 2013 for $34,697,197.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $403,000.

Direct link to Acris document. link

In the second, A&E Real Estate Holdings through the entity Woodside Ventures, LLC as borrower signed a loan agreement with lender Signature Bank valued at $17.2 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 90 residential units at 44-08 47th Avenue in Sunnyside. The deal closed on January 28, 2021 and was recorded on March 2, 2021.
The property contains a total of 66,216 square feet of built space.
The average loan per unit is $191,192.
The last time the property sold was December 5, 2013 for $16,752,163.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $1,478,737.

Direct link to Acris document. link

In the third, A&E Real Estate Holdings through the entity 43-09 47Th Avenue, LLC as borrower signed a loan agreement with lender Signature Bank valued at $16.7 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 109 residential units at 43-09 47th Avenue in Sunnyside. The deal closed on January 28, 2021 and was recorded on March 2, 2021.
The property contains a total of 89,781 square feet of built space.
The average loan per unit is $153,598.
The last time the property sold was December 5, 2013 for $24,254,105.
Direct link to Acris document. link

In the fourth, A&E Real Estate Holdings through the entity 43-08 40Th Street, LLC as borrower signed a loan agreement with lender Signature Bank valued at $10.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 71 residential units at 43-08 40th Street in Sunnyside. The deal closed on January 28, 2021 and was recorded on March 2, 2021.
The property contains a total of 53,000 square feet of built space.
The average loan per unit is $148,034.
The last time the property sold was December 5, 2013 for $14,785,508.
Direct link to Acris document. link

In the fifth, A&E Real Estate Holdings through the entity 47-06 46Th Street, LLC as borrower signed a loan agreement with lender Signature Bank valued at $9.1 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 62 residential units at 47-02 46th Street in Sunnyside. The deal closed on January 28, 2021 and was recorded on March 2, 2021.
The property contains a total of 44,310 square feet of built space.
The average loan per unit is $147,019.
The last time the property sold was December 5, 2013 for $10,652,856.
Direct link to Acris document. link

In the sixth, A&E Real Estate Holdings through the entity 119-21 Metropolitan Avenue Holdings, LLC as borrower signed a loan agreement with lender Signature Bank valued at $9.1 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 60 residential units at 119-21 Metropolitan Avenue in Kew Gardens. The deal closed on January 28, 2021 and was recorded on March 2, 2021.
The property contains a total of 58,300 square feet of built space.
The average loan per unit is $151,145.
The last time the property sold was December 5, 2013 for $9,206,708.
Direct link to Acris document. link

In the seventh, A&E Real Estate Holdings through the entity 88-36 Elmhurst Avenue, LLC as borrower signed a loan agreement with lender Signature Bank valued at $7.1 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 60 residential units at 88-36 Elmhurst Avenue in Elmhurst. The deal closed on January 28, 2021 and was recorded on March 2, 2021.
The property contains a total of 55,526 square feet of built space.
The average loan per unit is $117,816.
The last time the property sold was September 24, 2019 for $3,526,530.
Direct link to Acris document. link

In the eighth, A&E Real Estate Holdings through the entity 34-10 84Th Street Holdings, LLC as borrower signed a loan agreement with lender Signature Bank valued at $5.3 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 40 residential units at 34-10 84th Street in Jackson Heights. The deal closed on January 28, 2021 and was recorded on March 2, 2021.
The property contains a total of 27,192 square feet of built space.
The average loan per unit is $131,380.
The last time the property sold was September 24, 2019 for $3,526,530.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $305,000.

Direct link to Acris document. link