Chris Xu secures new mortgage loan in order to build huge condo project in Elmhurst, Queens
There is no rest for Chris Xu. The prolific, Queens-based developer has another project in the works. This time, he has secured a multi-million dollar mortgage ($67.5 million to be precise) that will enable him to build a huge condo project in Elmhurst. This development will feature 183 residential units.
The mortgage was provided by Taiwan’s First Commercial Bank. It includes two notes of $13.25 million and $4.25 million, respectively and a $50 million loan. All of this information was taken from property records.
Xu’s project includes a condo with 18 stories, a preschool and a daycare center. The tower will be addressed at 88-08 Justice Avenue and will span 271,000 square feet.
Chris Xu is doing businesses all the time. He has recently sold two Queens properties, one in Flushing and one in Jamaica, for $45 million and $55 million respectively. Among other projects, he is also working on a Long Island City tower that will be Queens’ tallest building at 67-stories tall. [The Real Deal]