Century Development gets $38.2M inventory loan from Sovcombank for property in Flushing

Century Development Group through the entity Farrington Realty, LLC as borrower signed a loan agreement with the Russian bank Sovcombank valued at $38.2 million for 72 parcels, including the tax class residential condo in Acris (SC) and containing 72 residential units at 134-37 35th Avenue in Flushing. The deal closed on February 24, 2021 and was recorded on March 9, 2021.
The property contains a total of 1,115 square feet of built space.
The average loan per unit is $530,556.
This is a condo inventory loan, that refinances a $55 million construction loan from the Bank of China given in 2018. The PincusCo new development condo database shows that 28 units of the 100-unit project have sold for nearly $24 million leaving $185 million unsold inventory.
Direct link to Acris document. link