Rubin Schron through Central Queens Properties borrows $107M from Capital One for rental portfolio

Rubin Schron through Central Queens Properties took out $107 million in loans from lender Capital One in three transactions for rental properties with a total of 1,224 rental units, according to an analysis of city property records. Schron leads the large multifamily ownership company Cammeby’s International Group.

In the first transaction, Schron through the entity Rego Gardens Owners LLC as borrower signed a loan agreement with lender Capital One valued at $65.3 million for 2 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 792 residential units at 62-49 84th Street, 62-42 Woodhaven Boulevard in Middle Village. The deal closed on October 23, 2019 and was recorded on October 25, 2019.
The property contains a total of 292,651 square feet of built space. The property has 946,759 square feet of available development rights.
The average loan per unit is $82,386.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $565,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Schron through Central Queens Properties through the entity Stratton Owners LLC as borrower signed a loan agreement with lender Capital One valued at $23.6 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 252 residential units at 137-60 45th Avenue in Flushing. The deal closed on October 23, 2019 and was recorded on October 25, 2019.
The property contains a total of 261,919 square feet of built space.
The average loan per unit is $93,452.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third transaction, Schron through Central Queens Properties through the entity Kew Gardens Owners LLC as borrower signed a loan agreement with lender Capital One valued at $18.2 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 180 residential units at 83-31 116th Street in Kew Gardens. The deal closed on October 23, 2019 and was recorded on October 25, 2019.
The property contains a total of 140,196 square feet of built space. The property has 224,196 square feet of available development rights.
The average loan per unit is $101,111.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article