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