NEW YORK CITY—Financing has arrived to back the acquisition of the former Assi Plaza supermarket, located at 131-01 39th Ave. in the Flushing area of Queens. A $42 million bridge loan has been provided by a private lender to a developer for the project, which is set to become a sprawling $90 million mixed-use complex.
Eastern Consolidated's Jonathan Aghravi, managing director, and Charles Han, associate director, led the loan's financing team, which also consisted of Ben Tapper, senior director and Tripp Lyons, associate director.
The borrower, Triple Star Realty, plans to raze the existing structures and develop a 631,752-square-foot, mixed-use waterfront complex consisting of a 360-unit residential condominium, 200-room hotel, retail, a supermarket, general and medical office space, and parking.
“Through Eastern's close relationship with the lender and the hard work of all involved, we were able to negotiate a larger loan and facilitate the closing,” Aghravi says. “We now look forward to working with the borrowers on procuring the construction financing for the project.”
The Flushing development will be comparable to some of the largest projects in the area such as Sky View Parc, Flushing Commons, and Willets Point, according to Eastern Consolidated.
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