Sunlight Development signs $24.6M construction loan with S3 Capital in Flushing

Sunlight Development Group through the entity Main & Northern Partners LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re Northern Blvd Funding LLC valued at $24.6 million for the property at 134-16 Northern Boulevard in Flushing, Queens.
The deal closed on January 21, 2022 and was recorded on February 23, 2022. The prior lender was S3 Capital which held debt that had an original loan amount of $4.5 million.
The property has 0 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $N/A per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Sunlight Development Group was Ken Huang. The signatory for S3 Capital was Joshua Crane.

Sunlight Development Group is located at the same address as owner LLC.
On the tax block, the majority, or 41 percent of the 285,506 square feet of built space are specialty buildings, with mixed-use buildings next occupying 22 percent of the space.
Within a 400-foot radius of 134-16 Northern Boulevard, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Amy Kit-Ming Mak borrowed $5 million from Preferred Bank secured by the 13,691-square-foot, one-unit industrial (M9) on 35-22 Prince Street on August 6, 2021.

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