First Republic Bank provided the debt
Pi Capital Partners has secured $60 million from First Republic Bank to refinance 85-15 Queens Blvd, according to CO. The Elmhurst residential building contains 142 apartments.
Financing breakdown: The new loan replaces construction financing provided by People’s United Bank in 2016. The fixed-rate loan has a term of five years.
Worth Noting: Leasing at the building is expected to commence in early 2019. The property includes 25,000 square feet of ground-floor retail. A middle school will also occupy 30,000 square feet.