Marcal Group obtains $10.1M building loan from Valley National Bank for project in Rockaway Park

The Marcal Group through the entity Ch102 Holding LLC as borrower signed a loan agreement with lender Valley National Bank valued at $10.1 million for 1 parcel at 101-19 Rockaway Beach Boulevard in Rockaway Park. The deal closed on May 14, 2020 and was recorded on July 28, 2020.

There has been one new building permit application totaling 46,223 square feet. Those plans include a total of 60 residential units and have been permitted. There has been one demolition project filed for the parcels over the past five years.

The average loan per buildable square foot is $223.
This is a new construction loan. The entire debt is a building loan. The signatory for the Marcal Group was Moses Mark Caller, company CEO. The last time the property sold was April 17, 2019, for $3,107,000.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $150,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link