Benjamin Companies obtained financing of $30M from People’S United Bank

Benjamin Companies through the entity Benjamin Beechwood Tides 2 LLC as borrower signed a loan agreement with lender People’S United Bank, National Association valued at $29.5 million for 1 parcel, including the tax class apartment building and containing 88 residential units at 68-04 Tides Road in Queens. The deal closed on July 26, 2019 and was recorded on August 09, 2019.
The property contains a total of 181,083 square feet of built space. The property has 37,244 square feet of available development rights.
The average loan per unit is $60,591.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $360,000.There has been one new building permit application totaling 107,220 square feet. Those plans include a total of 88 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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