Queens 269-Unit Condo Project Receives $30M Loan
Madison Realty Capital arranged the financing for Xinyuan Real Estate, which intends to use the funds to build a 17-story condo property with retail and common space components.
Xinyuan Real Estate has received a $30 million loan for the redevelopment of the vacant RKO Keith Theater in Flushing, Queens. Madison Realty Capital arranged the financing, which the Chinese developer intends to use for the construction of a 269-unit condominium building.
(In April, Madison Realty Capital provided a $27 million first mortgage loan to Bruman Realty for the development of a 68-unit mixed-use residential building in Brooklyn.)
Located at 135-35 Northern Blvd., the site is adjacent to Daniel Carter Beard Mall, entertainment options, sports halls, fitness centers, accommodation options and eateries. Flushing Bay Promenade is minutes away. Encompassing approximately 42,000 square feet, the location allows for the construction of a 300,000-square-foot structure. Plans call for the demolition of a two-story development surrounding the theater. Groundbreaking on the up-and-coming property is scheduled for the first quarter of 2020.
Upon completion, the 17-story property will consist of a 207,000-square-foot residential component, 17,000 square feet of retail space on the building’s first two floors, a third-floor, 15,000-square-foot community space as well as 305 parking spaces. Additionally, parts of the former theater will be restored and integrated into the new structure’s lobby facing Northern Boulevard.