Choy Ling Lam borrows $58M from Benefit Street Partners for newly built multifamily property in College Point

Choy Ling Lam through the entity Waterfront Resort Holdings LLC as borrower signed a loan agreement with lender Benefit Street Partners through the entity Bsprt Cre Finance, LLC valued at $57.5 million for 1 parcel, including the tax class multifamily, converted (D5) and containing 134 residential units at 14-42 110th Street in College Point. The deal closed on February 14, 2020 and was recorded on February 19, 2020.
The property contains a total of 132,000 square feet of built space.
The average loan per unit is $429,104.
This refinance includes a gap mortgage of $19.9 million, in addition to a $37.7 million building loan Cathay Bank provided in 2016 and now has assigned to Benefit Street. The last time the property sold was March 10, 2014, for $8,442,800.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 134 residential units on December 27, 2019.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,200,000. Those filings sought to increase the number of residential units by 134 to 134 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $196,550.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link