Marx Development borrows $98M from Capital Funding for property in Queens, Brooklyn

Marx Development borrowed $97.9 million from Capital Funding LLC for property in Flushing and Canarsie in two transactions, paying off Tel Aviv Stock Exchange bondholders.

In the first, Marx Development through the entity Boulevard Alp Associates LLC as borrower signed a loan agreement with lender Capital Funding LLC valued at $51.5 million for 1 parcel, including the tax class adult care facility (I7) and containing 204 residential units at 71-61 159th Street in Flushing. The deal closed on March 11, 2021 and was recorded on March 18, 2021.
The property contains a total of 165,906 square feet of built space.
The average loan per unit is $252,539.
This loan paid down debt provided by bondholders of the Tel Aviv Stock Exchange.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $250,000.

Direct link to Acris document. link

In the second, Marx Development through the entity Louisiana Purchase LLC as borrower signed a loan agreement with lender Capital Funding LLC valued at $46.4 million for 1 parcel, including the tax class adult care facility (I7) at 636 Louisiana Avenue in Canarsie. The deal closed on March 11, 2021 and was recorded on March 18, 2021.
The property contains a total of 116,702 square feet of built space.
The average loan per buildable square foot is $397.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $3,821.

Direct link to Acris document. link