Deutsche Bank Lends $70M on Forest Hills Condo Asset

RJ Capital Holdings has landed a $70 million debt package to refinance a mixed-use condominium in Forest Hills, Queens, Commercial Observer has learned.

Deutsche Bank provided the floating-rate condo inventory loan, which is indexed to SOFR. Meridian Capital Group arranged the transaction with a team led by Morris Betesh, Alex Bailkin and Eli Serebrowski.

“In capitalizing on the strong sales and leasing velocity of this project, we were able to execute a highly structured balance-sheet loan at a significantly reduced interest rate from the sponsor’s construction loan,” Betesh said in a statement. “The early success of this project is a testament to the quality of the property’s location as well as it being a best-in-class asset in a supply-constrained market.”

Located at 107-02 Queens Boulevard, less than half a mile from Forest Hills Stadium, the 10-story, 74-unit mixed-use property encompasses 66,573 square feet of residential and retail space along with a 46-car parking garage. It consists of 23 one-bedroom condo units, 36 two-bedroom units, two three-bedroom units and 26,868 square feet of commercial space.