Arrow Real Estate Advisors arranges $9.6 million acquisition loan

Queens, NY Arrow Real Estate Advisors has arranged $9.6 million in acquisition financing on behalf of Century Development Group for the purchase of two adjacent development parcels located at 144-32 and 144-36 Northern Blvd.in Flushing. The loan was provided by Israel Discount Bank, and the transaction was led by Morris Betesh, founder and managing partner, Omar Ferreira, senior vice president, and Jacob Petrovic, associate, at Arrow R.E.Advisors.

“Executing land acquisitions on tight timelines requires certainty of capital and strong lender alignment,” said Betesh. “Century Development Group moved decisively on a well-located site along Northern Blvd., and our role was to ensure the financing kept pace with their strategy. We were pleased to deliver a solution that allowed the sponsor to close efficiently and focus on advancing their development plans.”

The site features frontage along Northern Blvd., positioning it within one of the city’s most active, transit-oriented, and supply-constrained submarkets. Century Development Group plans to advance site plan approvals in preparation for a future development.

The transaction required execution under a compressed timeline, with financing needing to be secured quickly to meet the contractual purchase deadline. Identifying a lender that could move decisively while remaining comfortable with a land acquisition and forward-looking development strategy was critical to the successful closing.