Townhouse Property borrows $32M from Dime Community Bank for rehab center property in Flushing

Townhouse Property Group through the entity Galway Properties, LLC as borrower signed a loan agreement with lender Dime Community Bank valued at $31.5 million for 1 parcel, including the tax class hospitals, sanitariums, mental institutions (I1) at the Cornerstone of Medical Arts Center drug rehabilitation center at 159-05 Union Turnpike in Flushing. The deal closed on June 5, 2020 and was recorded on June 12, 2020.
The property contains a total of 79,800 square feet of built space.
The average loan per buildable square foot is $395.
The signatory for Townhouse was Sean Lavin. The financing includes a $9.1 million gap loan.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 1, 2013.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $2,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $309,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link