Betesh of Cushman & Wakefield originates $57.5 million loan for development site

Morris Betesh, Cushman & Wakefield

Queens, NY Cushman & Wakefield has originated a $57.5 million loan on behalf of Chris Xu of United Construction & Development Group for a mixed-use development site at 39-08 Janet Place in Flushing. The land acquisition loan was fulfilled by ACORE Capital, a leading commercial real estate finance company.

Cushman & Wakefield’s Morris Betesh exclusively handled this transaction.

“Large land acquisition loans are very difficult to close in the current market environment. However, given our broad base of lender relationships in this space and our client’s strong reputation in the market, we had several competing offers,” said Betesh. The waterfront site offers approximately 780,446 buildable s/f and can accommodate a mix of residential, retail, and office uses. Nestled in the heart of Flushing, nearby one of Queens’ strongest retail corridors, the future development is primed to become a thriving hub for local and international visitors. “Chris Xu has a great eye for value and a creative vision for the site. We’re excited to see it finally get developed.”

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Their 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory.