Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $15 million loan to refinance 142-26 and 142-38 Roosevelt Avenue in Flushing, New York.
Eastone Equities is planning to develop an eight-story, mixed-use, residential building over two floors of subterranean parking on the 16,370-square-foot site, which is currently 100% occupied by retail and office tenants.
Located in the heart of Chinatown in Queens, the development project is expected to provide over 40,000 square feet of livable space and 33,000 square feet of commercial space to serve growing consumer demand in the neighborhood. Construction is scheduled to begin in summer 2022.
“142-26 and 142-38 Roosevelt Avenue are highly desirable, contiguous parcels located in the core of Flushing, New York, allowing for an uplift in FAR that provides a unique development opportunity to significantly enhance the neighborhood,” said Eric Jordan, senior vice president of real estate lending at Columbia Pacific Advisors. “We are excited to partner with an established New York-based real estate developer in Eastone Equities, and provide them with the needed flexibility to meet their development timeline.”
Predevelopment and entitlement work is being performed by Raymond Chan Architects, which has completed several other properties within the neighborhood.