Frank Russo signs $21.8M construction loan with Flushing Bank for development in Douglaston

Frank Russo through the entity 241 15 Northern LLC as borrower signed a new construction loan with lender Flushing Bank valued at $21.8 million for the parcel (G2) at 241-15 Northern Boulevard in Douglaston, Queens.
The deal closed on June 25, 2021 and was recorded on July 30, 2021.

The signatory for Frank Russo was Frank Russo Jr.
(421861845) Plans for a 54-unit, 56,539 square-foot residential building R-2 were filed on June 5, 2020.
Frank Russo is a member of the family that owns Russo’s on the Bay. There was no debt on the parcel prior to this construction loan.

Within a 400-foot radius of 241-15 Northern Boulevard, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit application filed on March 17, 2021 for a 34,530-square-foot R-2 building with 47 residential units residential units at 44-14 Douglaston Parkway.
One of those two items was a loan which Ciampa Organization borrowed $9.8 million from Capital One secured by the 66,342-square-foot, 67-unit rental (D1) on 44-30 Douglaston Parkway on April 30, 2021.

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