Sunlight Development refis $24.6M loan with iCross Capital for 69-unit condo project in Flushing
Sunlight Development Group and Ken Huang through the entity Main & Northern Partners LLC as borrower signed a refi loan with lender iCross Capital through the entity Elite United LLC valued at $24.6 million for the 69-unit condominium project at 134-16 Northern Boulevard in Flushing, Queens.
The deal closed on June 20, 2023 and was recorded on July 7, 2023. The prior lender was S3 Capital which held debt that had an original loan amount of $24.6 million.
The signatory for Sunlight Development Group was Ken Huang. The signatory for iCross Capital was Lily Guo.
The property
The parcel has frontage of 75 feet and is 170 feet deep with a total lot size of 10,468 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million. The most recent loan totaled $24.6 million and was provided by S3 Capital on January 21, 2022.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $3,125 in ECB penalties in the last year.
Development
On the lot, there is one active new building construction project for a 96,536 square-foot B building. The project was submitted by Orrin Feingold with plans filed December 26, 2018 and it has not been permitted yet. On the tax lot, the most recent condominium plan was filed by MAIN & NORTHERN PARTNERS LLC to create 69 residential units and 1 commercial units in a building at 135-25 Northern Boulevard in Flushing, Queens, called 35th Avenue Condominiumthat has a $56.9 million sellout, according to an May 20, 2022 submission to the New York State Attorney General. The principals of the sponsor, MAIN & NORTHERN PARTNERS LLC, were Ken Huang and Linzhong Zhuo.
The neighborhood
In Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.2 times the average sales volume among other neighborhoods with $769.9 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 2.6 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the 22 commercial properties representing 111,789 square feet of the 259,631 square feet. The largest owner is Xinyuan Real Estate Co., followed by Sunlight Development Group and then Kin Chau Cheng.
On the tax block, there was one new building construction project filed totaling 96,536 square feet. It is a 96,536 square-foot business (B) building submitted by Orrin Feingold with plans filed December 26, 2018 and it has not been permitted yet.
The majority, or 31 percent of the 259,631 square feet of built space are specialty buildings, with mixed-use buildings next occupying 25 percent of the space.
The borrower
The PincusCo database currently indicates that Sunlight Development Group owned at least three commercial properties in New York City with 30,757 square feet and a city-determined market value of $4.3 million. (Market value is typically about 50% of actual value.) The portfolio has $38.6 million in debt, with top three lenders as S3 Capital, Amerasia Bank, and CTBC Bank respectively. Within the portfolio, the bulk, or 70 percent of the 30,757 square feet of built space are mixed-use properties, with industrial properties next occupying 30 percent of the space. They are all located in Queens.
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