【NYC Real Estate】Century Development Group Secures $43.4M Construction Loan for Flushing Residential Project
- ARCFE U.S.
- 11 hours ago
- 2 min read
The Flushing residential market continues to showcase its exceptional strength as another major development project secures substantial institutional backing. Prominent developer Century Development Group has successfully closed a $43.4 million construction loan to fund its upcoming mixed-income residential development. Located at 135-01 35th Avenue in Flushing, Queens, the planned 143,232-square-foot building will yield 116 premium units, featuring a high-quality mix of condominiums and affordable apartments.
The construction financing was provided by Israel-based Bank Hapoalim, a major global financial institution. Arranged by the experienced debt brokerage team at Arrow Real Estate Advisors, led by Morris Betesh, the transaction represents a highly successful capitalization milestone in today's selective lending environment. The project's structure is uniquely positioned to benefit from New York's new 485x tax abatement program and is slated for completion in fall 2027.
This successful capitalization highlights lenders' strong appetite for supply-constrained residential markets with robust fundamentals. George Xu, President of Century Development Group, emphasized that this project represents a continuous investment in the growth and elevation of the Flushing community. By incorporating a Mandatory Inclusionary Housing component alongside luxury condominiums, the development will deliver both high-caliber homes and essential affordable housing to the local community.
For EB-5 investors, this transaction offers powerful evidence of Queens' enduring real estate appeal. The willingness of a prominent international lender like Bank Hapoalim to commit over $43 million in construction debt to a Flushing residential project underscores the area's low-risk profile and exceptional growth potential. It confirms that well-located developments backed by experienced sponsors remain highly attractive to institutional capital, ensuring project viability and long-term security.
Source: Commercial Observer
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