Northeast Capital signs $32M acquisition and rehab loan with Argentic for Rosedale commercial

Northeast Capital Group through the entity CIP Land LLC as borrower signed a refi loan with lender Argentic Real Estate Investment LLC valued at $32 million for 11 properties including the office building (O2) at 133-33 Brookville Boulevard in Rosedale, Queens, industrial (G7) at N/A Merrick Boulevard in Rosedale, Queens, and industrial (G7) at N/A 133rd Avenue in Rosedale, Queens.
The deal closed on April 30, 2021 and was recorded on May 26, 2021.
The 11 properties have 260,000 square feet of built space and 0 square feet of additional air rights for a total buildable of 118,511 square feet according to PincusCo analysis of city data. The loan price per built square foot is $123 per the PincusCo analysis.
Northeast bought the property on April 30, 2021, for $29.5 million.
The signatory for Northeast was Chaim Simkowitz.
Over the past five years, there have been 18 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 18 renovation/alteration projects (A2) applied for with a total estimated value of $906,010.
The financing includes paying off a $20.7 million loan given by Aetna Life Insurance, and adding a $5.7 million building loan and a $430,000 project loan.

Direct link to Acris document. link