W&L Group borrows $46M from Royal Business Bank for Jamaica development, pays down Madison Realty debt

Thomas Wang’s W&L Group through the entity 90-75 Sutphin Realty LLC as borrower signed a loan agreement with lender Royal Business Bank valued at $46.5 million for 1 parcel at 90-75 Sutphin Boulevard in Jamaica. The deal closed on July 27, 2020 and was recorded on August 20, 2020.
The site is a mixed-use construction project.
Thomas Wang leads the W&L Group. The loan documents reference an additional $30.178 million mortgage which is not available online. The last time the property sold was March 24, 2015, for $17,485,475. This loan pays down loans that once had a maximum secured debt of $16.3 million from Madison Realty Capital. There is an additional $18.7 million that Madison originated in 2018 that has not been recorded as paid off.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $5,000,000. Those filings sought to increase the number of residential units by 213 to 213 There was one renovation/alteration project (A2) applied for with a total estimated value of $90,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. Meng Hua Wang