Surjeet Kaur borrows $15M from Preferred Bank for a hotel in Jamaica

Surjeet Kaur through the entity 144 Investors LLC as borrower signed a loan agreement with lender Preferred Bank valued at $15.0 million for a hotel with 101 units at 144-15 Liberty Avenue in Jamaica. The deal closed on September 18, 2019 and was recorded on October 21, 2019.
The property contains a total of 34,021 square feet of built space. The property has 2,695 square feet of available development rights.
The average loan per unit is $148,515.
The last time the property sold was November 4, 2016, for $2,500,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 101 hotel units on February 7, 2019.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $50,000.There has been one new building permit application totaling 34,021 square feet. Those plans include a total of 101 hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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