Jetro Restaurant doubled debt to $33.9M from CTL Capital for property in Queens

Jetro Restaurant Depot through the entity Jmdh Real Estate Of College Point, LLC as borrower signed a loan agreement with lender CTL Capital through the entity Ctl Lending Group LLC valued at $33.9 million for 5 parcels, including the tax class fireproof warehouse (E1) at 15-01 131st Street, 15-43 130th Street, 18-30 132nd Street, 15-43 131st Street, and 131 Street 130-03 in Queens. The deal closed on January 27, 2021 and was recorded on February 12, 2021.
The property contains a total of 103,825 square feet of built space. The property has 140,835 square feet of available development rights.
The average loan per buildable square foot is $241.
The debt was increased by $26.1 million gap loan. The signatory for lender CTL was Managing Partner Thomas Zirrilli. 
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $806,650.0. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,943,601.

Direct link to Acris document. link