F&T Group borrows $32M from Shanghai Commercial Bank for hotel condo in Flushing

F&T Group through the entity Ofs-Hp LLC as borrower signed a loan agreement with lender Shanghai Commercial Bank valued at $32 million for 3 parcels, including the tax class commercial condo recorded in Acris (CC) at One Fulton Square at 39-16 Prince Street in Flushing. The deal closed on April 6, 2020 and was recorded on April 9, 2020.
The average loan per buildable square foot is approximately $300.
The debt includes a $7 million gap mortgage. The prior lender was HSBC Bank. This is for three hotel-related condo units. The largest unit is the 99,979-square-foot hotel, the second next is the 2,684-square-foot pool unit and the third is the 1,867-square-foot lounge area unit.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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