LeFrak signs $20M refi with TD Bank for four buildings in LeFrak City
LeFrak signed a $20 million loan refi with TD Bank for four elevator buildings in LeFrak City in Corona, Queens.
In the first, LeFrak through the entity Mandalay Leasing Limited Partnership as borrower signed a refi loan with lender TD Bank through the entity Td Bank, N.A. valued at $5 million for the 231-unit residential elevator building (D1) at 98-25 Horace Harding Expwy in Corona, Queens.
In the second, LeFrak through the entity Shalimar Leasing Limited Partnership as borrower signed a refi loan with lender TD Bank through the entity Td Bank, N.A. valued at $5 million for the 233-unit residential elevator building (D1) at 98-23 Horace Harding Expre in Corona, Queens.
In the third, LeFrak through the entity Singapore Leasing Limited Partnership as borrower signed a refi loan with lender TD Bank through the entity Td Bank, N.A. valued at $5 million for the 232-unit residential elevator building (D1) at 98-17 Hor Harding Ep Sr N in Corona, Queens.
In the fourth, LeFrak through the entity Ceylon Leasing Limited Partnership as borrower signed a refi loan with lender TD Bank through the entity Td Bank, N.A. valued at $5 million for the 227-unit residential elevator building (D7) at 98-15 Horace Harding Expwy in Corona, Queens.
The deal closed on August 29, 2023 and was recorded on September 26, 2023.
The signatory for LeFrak was Arnold S. Lehman. The signatory for TD Bank was Paul A. Kesicki.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes David Bernhardt, head officer and Camille Beza, officer. The business entities are Estates NY Real Estate Services and Mandalay Leasing Lp.
The property
The residential elevator building with 231 residential units in Corona has 235,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 257 feet and is 196 feet deep with a total lot size of 50,406 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $16.2 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and three housing violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of 10 of the 27 commercial properties representing 2,368,422 square feet of the 5,725,125 square feet. The identified owner is LeFrak.
There are no active new building construction projects on this tax block.
The majority, or 83 percent of the 5.7 million square feet of built space are elevator buildings, with office buildings next occupying 13 percent of the space.
The borrower
The PincusCo database currently indicates that Lefrak owned at least 60 commercial properties with 9,186 residential units in New York City with 10,352,224 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 89 percent of the 10,352,224 square feet of built space are elevator properties, with office properties next occupying 10 percent of the space. The bulk, or 58 percent of the built space, is in Queens, with Manhattan next at 34 percent of the space.
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