Xin Xiang Lin borrows $43M from Cathay Bank for new construction in Flushing

Xin Xiang Lin through the entity Rong Xin Sanford Realty LLC as borrower signed a construction loan agreement with lender Cathay Bank valued at $43 million for 1 parcel, where Lin filed plans to build a building with 130 residential units at 144-27 Sanford Avenue in Flushing. The deal closed on February 28, 2020 and was recorded on March 12, 2020.
The average loan per unit is $221,374.
Cathay’s loan package includes $14 million in acquisition financing from 2018 and a $29 million building loan. Lin filed plans in 2018 to construct a 130-unit apartment building. The The last time the property sold was April 18, 2018, for $27,000,000, when Lin bought the site.

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 110,636 square feet. Those plans include a total of 131 residential units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link