Shanghai Commercial Bank provided the debt
HCRE has secured $75 million in construction financing from Shanghai Commercial Bank for its residential and retail project project at 144-51 Northern Boulevard. The Flushing site allows for the development of 93,896 SF.
Financing breakdown: The package consists of a $55 million building loan and a $20 million project loan.
Flashback: HCRE’s Philip Chon paid $46.2 million for the site in 2016. Shanghai Commercial provided the developer with a $30.4 million loan at the time of the acquisition, according to TRD.