Related Companies obtained financing of $40M from TD Bank

Related Companies through the entity Ocean Park Acquisition, L.P. as borrower signed a loan agreement with lender TD Bank, N.A. valued at $40.0 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 602 residential units at 125 Seagirt Boulevard in Queens. The deal closed on July 15, 2019 and was recorded on July 22, 2019.
The property contains a total of 837,935 square feet of built space.
The average loan per unit is $66,445.
The last time the property sold was February 17, 2005, for $34,500,000.

Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel. There were 11 renovation/alteration projects (A2) applied for with a total estimated value of $7,439,515.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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