Cammeby’s International Group borrows $500M from Capital One for property in Fresh Meadows

Cammeby’s International Group through the entity Queens Fresh Meadows LLC as borrower signed a loan agreement with lender Capital One valued at $500 million for 8 parcels containing 3,287 residential units at 64-05 186th Lane, 189-15 73rd Avenue, 188-02 64th Avenue, 64 Circle, 194-05 67th Avenue, and others in Fresh Meadows. The deal closed on September 26, 2019 and was recorded on September 26, 2019.
The property contains a total of 614,916 square feet of built space. The property has 1,722,592 square feet of available development rights.
The average loan per unit is $152,114.
The loan includes $189 million in new debt. The entire $500 million was assigned to Fannie Mae.

Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 16 renovation/alteration projects (A2) applied for with a total estimated value of $3,251,337.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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