F&T Group borrows $25M from Shanghai Commercial Bank for parking lot in Flushing

F&T Group through the entity Three Fulton Square LLC as borrower signed a loan agreement with lender Shanghai Commercial Bank, Ltd., New York Branch valued at $25.0 million for a parking lot (G6) at 37-02 College Point Blvd in Flushing. The deal closed on September 19, 2019 and was recorded on September 30, 2019.
The property has 425,250 square feet of available development rights.
The average loan per buildable square foot is $59.
This loan represents an additional $25 million in new debt to the existing $30 million in debt F&T obtained in May for the property. In addition, F&T recently refinanced a nearby property with the same bank.

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