Triple Star Realty secures refinancing for Flushing development
Triple Star’s new project
Triple Star Realty is in charge of developing one of the largest mixed-use projects based in Flushing. Reports have stated the developer decided to extend the term on the property’s original acquisition loan. Furthermore, Triple Star has reportedly brought in additional predevelopment funds. The site that was refinanced is a waterfront development based at 131-09 39th Avenue. The financing is a little over $46 million from RWN Management, an investment adviser. The loan for the site was originally for $42 million. RWN first provided the funds back in 2015 when Triple Star Realty purchased the site in 2015 for $78 million. Morris Betesh and Daniel Belecen, formerly from Cushman & Wakefield brokers were in charge of negotiating the deal. Both brokers left C&W in order to head a debt-brokerage team at Meridian Capital Group.
Plans for the future
Nevertheless, it is not clear when Triple Star (with Andy Zhu at the head) will look into constructing financing for the 39th Avenue site. Back in 2015, when the company first purchased the site, many believed Zhu would search for a construction loan within six months. However, the company never reached an agreement thus far.
Last year, Triple Star filed for demolition permits for this site. Plans also filed by the developer show they will build a mixed use complex. This project will include 360 residential condos, a 200-room hotel, space for a medical office, parking, retail and a supermarket. All in all, the site at 39th Avenue holds almost 632,000 buildable square feet. Right next to it, there is a 3.7 acre site purchased by Chris Xu last year (for $100 million). This second property hold almost 870,000 buildable square feet and is right next to the condo complex known as Sky View Parc. [The Real Deal]