Sun Equity Partners refis $59M with New York Community for new retail in Elmhurst

Sun Equity Partners through the entity Aa 304 Gc Tic LLC as borrower signed a loan agreement with lender New York Community Bank valued at $59 million for 1 parcel, including the tax class retail building (K4) at 40-31 82nd Street in Elmhurst, Queens. The deal closed on December 8, 2020 and was recorded on December 23, 2020.
The property contains a total of 46,858 square feet of built space. The building was given an initial temporary certificate of occupancy in September 2020.

Calmwater Capital assigned the prior debt.  The last time the property sold was September 20, 2016 for $27,000,000.
Over the past five years, there have been 20 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

There have been 1 new building permit application.

There has been one demolition project filed for the parcels over the past five years.

Direct link to Acris document. link