SNL Storage borrows $34M construction loan from Kayne Anderson Real Estate Advisors’s Saperean Capital for property in Richmond Hill

SNL Storage through the entity Snl Xviii, LLC as borrower signed a construction loan agreement with lender Kayne Anderson Real Estate Advisors’s Saperean Capital through the entity Saperean Capital Iii Originator, LLC valued at $33.7 million for a new development project at 87-16 121st Street in Richmond Hill. The deal closed on October 23, 2019 and was recorded on October 31, 2019.

The average loan per buildable square foot is $273.
This is a construction loan including a term loan of $3.1 million, a building loan of $23.3 million and a project loan of $7.3 million. The last time the property sold was June 22, 2018, for $11,000,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There has been one new building permit application totaling 125,258 square feet. There has been one demolition project filed for the parcels over the past five years.

Correction: A prior version of this post incorrectly identified Kimco Realty as the developer.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link