Eastern Consolidated has arranged a $42m bridge loan to Triple Star Realty for the purchase of a waterfront construction site in the Flushing neighborhood of Queens, New York that will be developed into a mixed-use complex.
New York-based RWN Management provided the one-year bridge loan.
First-time developer Triple Star Realty acquired the site at 131-01 39th Avenue for $90m. The developers will demolish the existing structures at the site — including an Assi Plaza supermarket — and plan to develop a 632,000 sq ft complex featuring a 360-room residential condominium, 200-room hotel, a supermarket and additional office and retail space.
Development will commence soon after construction financing has been arranged, which will likely be secured within the next three to six months, sources said. The project could take up to three years to complete.
“We now look forward to working with the borrowers on procuring the construction financing for the project,” said Jonathan Aghravi, managing director, Eastern Consolidated’s Capital Advisory division, who led the financing with associate directors Charles Han and Tripp Lyons.
A number of comparable developments have risen in the area in recent years, including Sky View Parc, Flushing Commons, and Willets Point.
New York-based investment advisory firm RWN Management has about $745m worth of assets under management.