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.
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Direct link to the city’s interactive property map, ZOLA. link

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