Newly Completed Queens Asset Lands $21M Financing

AB Capstone will use the new mortgage to pay off existing debt, as well as for the asset’s final lease-up and stabilization.
251-73 Jericho Turnpike

Madison Realty Capital has arranged $21.4 million in financing on behalf of AB Capstone to refinance a 78,313-square-foot, recently completed mixed-use development in Queens. The landlord will also use the loan to lease-up and stabilize the building.

Located at 251-73 Jericho Turnpike, in the borough’s Bellerose neighborhood, the asset is minutes away from the Floral Park Long Island railroad station and a high-traffic, five-way intersection. Additionally, it faces Route 25, which links Brooklyn to Long Island.

The brick, steel and glass property was completed in 2018. The property features multiple entrances, 78 parking spots and a ground-floor retail component. The Class A development is more than 70 percent occupied by six office and retail tenants, including Planet Fitness and Children of America Daycare.

This was a great opportunity to finance a high-quality asset with an experienced sponsor and a substantial value proposition given the strong level of demand for retail and office use in the submarket,” Madison Realty Capital Co-Founder & Managing Principal Josh Zegen said in a prepared statement. Last month, the company arranged a $28 million loan for a premier medical office building in Houston. 

Image courtesy of AB Capstone