J&C International borrows $16M from Castellan Capital to buy bankrupt property in Flushing

J&C International Group through the entity 41 Haight Street Owner, LLC as borrower signed a loan agreement with lender Castellan Capital through the entity Creif 216 LLC valued at $15.7 million for 11 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 61 residential units at 41-31 Haight Street, 41-27 Haight Street, 41-25 Haight Street, 41-23 Haight Street, 41-21 Haight Street, and others in Flushing. The deal closed on September 14, 2020 and was recorded on October 6, 2020.

The average loan per unit is $257,377.
This was an acquisition loan for J&C to buy the property out of bankruptcy. Maverick Real Estate Partners held just under $14 million in secured debt.

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