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A development firm has received a $7-million-dollar loan to complete the construction of five luxury apartment buildings in downtown Flushing, part of a package that sold for more than $50 million earlier this year.
Bownetree LLC received the loan from private lender Kennedy Funding Monday afternoon, according to the lending firm. The money will be used to expedite the construction of five attached low-rise rental buildings that will contain 25 two-bedroom apartments along Bowne Street and 37th Avenue.
"The Bownetree loan gives us an opportunity to help further development in the New York metropolitan area," said Jeffrey Wolfer, Kennedy Funding president and co-chief executive officer. "Queens traditionally has attracted a wide variety of residents and professional establishments and the Bownetree apartments show the potential of being an important part of the residential landscape. The buildings are up and near completion and represent solid value and a stable lending risk."
The properties — located at 143-19A 38th Ave., 143-19B 38th Ave., 143-19C 38th Ave., 143-21A 38th Ave. and 143-21B 38th Ave. — were part of a three-part real-estate deal placed on the market by realty firm Besen and Associates in March.
The real estate broker assigned to the package, Adelaide Polsinelli, said she received more than 400 calls for the package before it eventually sold to Bownetree LLC for more than $50 million.
Once completed, each apartment in the existing structures will offer a balcony, two full baths, an equipped kitchen, gas heating and in-wall air conditioning. Fourth-floor apartments will be duplexes with direct roof access.
Polsinelli also said the package included a vacant site currently used as a parking lot, which is pre-approved for a 12-story residential building. The lot was used as collateral for obtaining the loan, according to Kennedy Funding.
Representatives from Bownetree could not be reached for comment.
Reach reporter Stephen Stirling by e-mail at Sstirling@timesledger.com or by phone at 718-229-0300, Ext. 138.
©2008 Community Newspaper Group
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