Tamares Group signs $14.6M refi loan with MF1 Capital for 32-unit rental in Astoria

Tamares Group through the entity Tamares Development I LLC as borrower signed a refi loan with lender MF1 Capital valued at $14.6 million for two office condos including the 32-unit office building (CC) at 25-11 38th Avenue in Astoria, Queens.
The deal closed on August 24, 2021 and was recorded on September 29, 2021.
The two condominium units have 33,935 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $430 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 Tamares Group was Itrat Sayeed.
(420651039) Plans for a 32-unit, 26,409 square-foot R-2 were filed on February 6, 2014 and were permitted on April 26, 2016.

Within a 400-foot radius of 25-11 38th Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on May 12, 2020 for a 19,500-square-foot R-2 building with 17 residential units at 38-35 Crescent Street.
Of those three items, two were loans above $5 million totaling $567.5 million. The most recent of the two was A&E Real Estate Holdings which borrowed $529.5 million from JPMorgan Chase Bank secured by the 18,700-square-foot, 45-unit rental (C1) on 38-05 Crescent Street and 42 other properties on July 20, 2021.

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