Century Development ups debt to $30M with Berkshire Residential at condo project in Jamaica

Century Development Group through the entity 88 Ave Realty DE LLC as borrower signed a refi loan agreement with lender Berkshire Residential Investments through the entity MF1 Capital LLC valued at $30 million for the 109-unit rental (D1) at 148-37 88th Avenue in Jamaica, Queens.
The deal closed on April 13, 2021 and was recorded on April 28, 2021.
This is a $30 million refinance and additional construction loan composed of a $20.6 million land loan, an $8.8 million building loan and a $600,000 project loan.
The property has 84,458 square feet of built space and 12,890 square feet of additional air rights for a total buildable of 97,288 square feet according to PincusCo analysis of city data. The loan price per built square foot is $243 and the price per buildable square foot is $211 per the PincusCo analysis.
The owner bought the property on 27-May-14, for $5.4 million.
The signatory for Century Development Group was George Xu.
(420976448) Plans for a 109-unit, 84458.0 square-foot R-2 were filed on July 16, 2014.
There was a condominium project filed with the address 148-37 88th Avenue and the name Jamaica Towers on August 26, 2019. link