Circle F Capital, ZD Jasper Realty triple debt to $43.5M with Maxim Credit at $79M LIC condo

Circle F Capital and ZD Jasper Realty through the entity Circle F 2243 Jackson (De) LLC as borrower signed a loan agreement with lender Maxim Credit Group valued at $43.5 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 70 residential units at 22-43 Jackson Avenue in Long Island City. The deal closed on December 2, 2020 and was recorded on December 22, 2020.
The property contains a total of 103,546 square feet of built space. The project applied for its initial temporary certificate of occupancy in August 2020, but the city has not issued the TCO yet.
The average loan per unit is $621,429. The developers filed plans for a condominium at the site with a total sellout of $79 million.
The signatories were David Feldman and Tom Wu.  The owners upped the debt by $31.5 million. The last time the property sold was May 1, 2017 for $23,000,000. The prior debt with a maximum of $12 million was provided by a Brookfield Properties affiliate at Brookfield Real Estate Finance.
Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $145,520.

There has been one new building permit application Those plans include a total of 71 residential units.

There has been one demolition project filed for the parcels over the past five years.

Direct link to Acris document. link