Surjeet Kaur signs $9.2M refi with State Bank of Texas for 89-key hotel in Jamaica

Surjeet Kaur through the entity Umbrella Investors LLC as borrower signed a refi loan with lender State Bank of Texas valued at $9.2 million for the hotel (H3) at 147-16 97th Avenue in Jamaica, Queens.
The deal closed on October 12, 2021 and was recorded on October 22, 2021.
The property has 27,969 square feet of built space and 7,000 square feet of additional air rights for a total buildable of 35,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $328 and the price per buildable square foot is $262 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 owner bought the property on January 4, 2019, for $4.5 million.
The signatory for Surjeet Kaur was Surjeet Kaur.
(421920595)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 89 residential units on February 25, 2021. (421920595) Plans for a 89-unit, 27,969 square-foot R-1 were filed on June 6, 2019 and were permitted on January 3, 2020.

Within a 400-foot radius of 147-16 97th Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on June 11, 2020 for a 36,389-square-foot R-1 building with 114 residential units at 97-11 Sutphin Boulevard.
One of those two items was a loan which RiverBrook Equities borrowed $13.1 million from Bank of America secured by the 20,626-square-foot, 86-unit hotel (H3) on 97-24 147th Place on February 11, 2020.

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