Century Development signs $25M refi loan with Maxim Credit for 13 commercial condo units in Flushing

Century Development Group through the entity New Farrington Holdings, LLC as borrower signed a refi loan with lender Maxim Credit Group through the entity Maxim Credit Group, LLC valued at $25 million for 13 commercial condo units at 134-37 35th Avenue in Flushing, Queens.
The deal closed on December 30, 2021 and was recorded on February 3, 2022. The prior lender was Derby Copeland Capital which held debt that had an original loan amount of $10.3 million.
The 13 properties have 208,793 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $119 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Century Development Group was Jiapeng George Xu. The signatory for Maxim Credit Group was Eric Sadkin.
(420892323)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 100 residential units on July 15, 2020.
George Xu is the founder of Century Development Group.
On the tax block, the majority, or 67 percent of the 451,802 square feet of built space are residential elevator buildings, with industrial buildings next occupying 20 percent of the space.
There was a condominium project filed with the address 134-37 35th Avenue and the name Farrington (the) on April 17, 2017. The principals of the sponsor, Farrington Realty, Llc, was George Xu. link
Within a 400-foot radius of 134-37 35th Avenue, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit issued on October 20, 2021 for a 205,168-square-foot R-2 building with 119 residential units at 33-71 Prince Street.
Of those seven items, two were sales above $5 million totaling $19.2 million. The most recent of the two was Kin Chau Cheng which bought the 28,728-square-foot development site (M1) on 135-25 Northern Boulevard for $8 million from Ken Huang on January 7, 2022.
Of those seven items, four were loans above $5 million totaling $27 million. The most recent of the four was Sunlight Development which borrowed $5.5 million from Amerasia Bank secured by the 28,728-square-foot development site (M1) on 135-25 Northern Boulevard on January 26, 2022.

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