Maguire Capital buys $5.8M in notes secured by five new construction parcels in Elmhurst

Maguire Capital bought $5.8 million in notes secured by five parcels in Elmhurst, composed of new construction rental buildings and a parking lot.

The five parcels were developed by the entity 90-56 L&R Realty LLC and include the seven-unit rental at 90-19 56th Avenue, a six-unit rental at 90-15 56th Avenue, a parking lot on 56th Avenue, a six-unit rental at 90-17 56th Avenue, and a seven-unit rental at 90-13 56th Avenue. All the building have applied for their initial temporary certificates of occupancy in June 2021, but none yet has been issued the TCO.

The note sale has not been recorded as of Thursday, but the sale was confirmed by representatives of both the buyer and seller of the notes. The note seller was BP3 Capital, which provided the loans in 2016, 2018, 2019 and 2020. The note sale was closed on September 10, 2021, a person familiar with the sale said.

The individual Wing Fung Chau was listed as the sole member of the ownership entity, 90-56 L&Z Realty LLC.

One of the parcels, the seven-unit rental at 90-19 56th Avenue, has a deed recorded in 2020 indicating a sale, but a person familiar with the loans says the loan is still secured by the property.

In addition, an individual named Chuen Chan, claiming to be a member of the ownership entity with a 20 percent ownership stake and voting power, filed a deed restriction declaring that no loans or sales of four of the five properties can occur without a unanimous consent of all members. Any person can file a deed restriction in New York City, and such filings may or may not be accurate and complete.

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