Jade Century signs $101M construction loan with Centennial Bank for Flushing Point Plaza

Jade Century Properties through the entity Flushing Point Property LLC as borrower signed a new construction loan with lender Centennial Bank valued at $101 million for the development at Flushing Point Plaza at 131-02 40th Road in Flushing, Queens. The Real Deal reported on this loan in August.
The deal closed on August 20, 2021 and was recorded on September 23, 2021.

The owner bought the property on October 9, 2015, for $45.2 million. The loan is for two towers with 386 residential condominium units on top of commercial.
The signatory for Jade Century Properties was Xiaorong Zhai.

Xiaorong Zhai is the president of Jade Overseas.

Within a 400-foot radius of 131-02 40th Road, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were sales above $5 million totaling $123 million. The most recent of the two was CubeSmart which bought two condo units in the 25,814-square-foot, three-unit mixed-use building (RC) on 41-06 Delong Street and one other property for $20.6 million from Storage Deluxe on January 15, 2021.
Of those four items, two were loans above $5 million totaling $339.3 million. The most recent of the two was Blackstone Property Advisors which borrowed $285.0 million from Morgan Stanley Bank secured by three condo units in the 303,039-square-foot, 38-unit mixed-use building (RC) on 40-22 College Point Blvd on June 15, 2021.

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