Beechwood Organization borrows $41M from Capital One for multifamily property in Arverne

Beechwood Organization through the entity Benjamin Beechwood Tides LLC as borrower signed a loan agreement with lender Capital One valued at $41 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 126 residential units at 190 Beach 69th Street in Queens. The deal closed on April 3, 2020 and was recorded on April 7, 2020.
The property contains a total of 145,883 square feet of built space.
The average loan per unit is $325,397.

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 $35,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link