FBL Development signs $26.5M refi for 51-unit mixed-use in Kew Gardens
FBL Development through the entity 8043 KG LLC as borrower signed a refi loan with lender Preferred Bank valued at $26.5 million for the 51-unit mixed-use building at 81-07 Kew Gardens Road in Kew Gardens, Queens.
The deal closed on March 31, 2025 and was recorded on April 24, 2025. The prior lender was Churchill Real Estate Holdings which held debt that had an original loan amount of $23 million.
The building is divided into three commercial condominium units, have 35,547 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $745 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 FBL Development was Yong Chen and Weitao Shi . The signatory for Preferred Bank was Sylvia Tseng . This is a 51-unit building, the Ever Garden.
The block
On the tax block of 81-07 Kew Gardens Road, PincusCo has identified the owners of four of the six commercial properties representing 111,847 square feet of the 197,981 square feet. The largest owner is Cammeby’s International Group, followed by Goldstein Advisors and then David Koptiev.
On the tax block, there was one new building construction project. It was this 51-unit residential (R-2) building submitted by Yong Chen with plans filed March 23, 2021 and permitted March 15, 2022.
The majority, or 34 percent of the 197,981 square feet of built space are retail buildings, with walkup buildings next occupying 26 percent of the space.
The borrower
The PincusCo database currently indicates that FBL Development owned at least two commercial properties with 52 residential units in New York City with 4,405 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 4,405 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. They are all located in Queens.
Direct link to Acris document. link