Pi Capital signs $75M refi with Signature Bank for 144-unit development in Elmhurst
85-15 Queens Boulevard (Credit: Google)
Jerry Pi’s Pi Capital as borrower signed a refinance loan with lender Signature Bank valued at $75 million for the 144-unit mixed-use residential development at 85-15 Queens Boulevard in Elmhurst, Queens, according to the developer. The project is known as Elm South.
The deal closed on November 1.
The 230,000-square-foot mixed-use development includes 30,000-square-feet of school space, 28,000-square-feet of retail space, and 144 residential dwelling units. Pi began leasing at the development last summer, according to reports.
The loan replaces a $60 million loan that the developer received from First Republic Bank in 2018, according to city records.
Cary Pollack and Judah Neumann of Meridian Capital were the brokers for the deal.
Last year the developer received a TCO for construction of a 142-unit, 171,955-square-foot residential building at 51-35 Reeder Street in Elmhurst, known as Elm West.
Other active Pi Capital projects include a 21-story mixed-use project at 335 Fifth Avenue in the Midtown. The 72,000-square-foot building will have 83 rental apartments and 10,000-square-feet of commercial space, according to Yimby.