Xi Dennis Zhao borrows $7.3M from Popular Bank for development in Forest Hills

Xi Dennis Zhao through the entity C. H Crescent Realty LLC as borrower signed a loan agreement with lender Popular Bank valued at $7.3 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 108-17 72nd Avenue in Forest Hills. The deal closed on June 29, 2020 and was recorded on July 10, 2020.

This is a new construction loan. The package refinances $2.09 million in debt and adds a $5.9 million building loan and a $1.46 million project loan. The last time the property sold was May 2, 2016, for $5,670,000.

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.There has been one new building permit application totaling 19,696 square feet. Those plans include a total of 26 residential units. There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.
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Direct link to the city’s interactive property map, ZOLA. link