Circle F Capital borrows $23M from Maxim Credit Group for new LIC apartment building

David Feldman’s Circle F Capital through the entity 533 48th Avenue Condominium LLC as borrower signed a loan agreement with lender Maxim Credit Group valued at $22.8 million for 1 parcel, including the tax class multifamily, converted (D5) and containing 62 residential units at 5-33 48th Avenue in Long Island City. The deal closed on December 30, 2019 and was recorded on January 6, 2020.
The property contains a total of 66,783 square feet of built space.
The average loan per unit is $366,935.
The last time the property sold was December 20, 2017, for $24,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 41 residential (or hotel) units on December 18, 2019.
Over the past five years, there have been 4 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 $3,440,400. Those filings sought to increase the number of residential units by 41 to 41 There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $544,400.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link