Sunlight Development, Linzhong Zhuo sign $12M refi in Flushing

Sunlight Development Group and Linzhong Zhuo through the entity Main & Northern Partners LLC as borrower signed a refi loan with lender Amerasia Bank valued at $12 million for 40 unsold condominium units units at the 55,542-square-foot building, 134-16 35th Avenue in Flushing, Queens.
The deal closed on April 19, 2024 and was recorded on April 26, 2024. The prior lender was iCross Capital which held debt that had an original loan amount of $15.2 million.

The signatory for Ken Huang and Linzhong Zhuo was Ken Huang and Linzhong Zhuo. The signatory for Amerasia Bank was Chi-Jen Hsu.

The block

On the tax block of 134-16 35th Avenue, PincusCo has identified the owners of four of the 22 commercial properties representing 111,789 square feet of the 259,631 square feet. The largest owner is Xinyuan Real Estate Co., followed by Sunlight Development Group and then Kin Chau Cheng.
On the tax block, there was one new building construction project filed totaling 96,536 square feet. It is a 96,536 square-foot business (B) building submitted by Orrin Feingold with plans filed December 26, 2018 and it has not been permitted yet.

The majority, or 31 percent of the 259,631 square feet of built space are specialty buildings, with mixed-use buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Ken Huang owned at least one commercial property in New York City with 189,250 square feet and a city-determined market value of $34.5 million. (Market value is typically about 50% of actual value.) The portfolio has $92.5 million in debt, borrowed from Popular Bank and Maxim Capital Group. The portfolio consists of at least a single hotel property. It is located in Queens.
The PincusCo database currently indicates that Linzhong Zhuo owned at least one commercial property in New York City with 19,750 square feet and a city-determined market value of $1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.

Updated: An earlier version of this post did not include the name Sunlight Development Group as an owner.

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