Benedict Realty Group borrows $56M from New York Community for 560 units in Corona

Benedict Realty Group through the entity BRG 3729 LLC as borrower signed a loan agreement with lender New York Community Bank valued at $56.5 million for 19 parcels, including the tax class multifamily, five to six families (C2) and containing 560 residential units at 35-06 97th Street, 35-20 97th Street, 35-12 99th Street, 35-18 95th Street, 35-24 95th Street, and others in Corona, Queens. The deal closed on December 18, 2020 and was recorded on December 28, 2020.
The property has 421,794 square feet of built space and available development rights.
The average loan per unit is $100,964.

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