New York, N.Y.
The transformation of the retail market in downtown Flushing is moving forward thanks to a $40 million loan for Flushing Mall secured by AFC Realty Capital.

     The financing proved vital in transforming another site owned by the borrower into a new state-of-the-art 500,000 square-foot facility which will serve as an integral part of a $150 million development and renovation project for downtown Flushing, according to Arthur Fefferman, Principal of the Manhattan-based real estate investment firm. 

     “Flushing’s commercial market has seen an economic boost due to a significant influx of capital from international financial institutions, notably Asian banks and funding companies,” Mr. Fefferman points out.

     “The reinvigoration of downtown Flushing has further been spearheaded by changes in local zoning laws that permit larger commercial properties to be developed on properties which formerly housed smaller building.  These two factors have provided prominent developers the means to introduce new commercial offerings such as the Flushing Mall which accommodate the strong market demand that has always existed in Flushing.”

     The $40 million interim loan was arranged on behalf of the owners of Flushing Mall -- TDC Development and Construction Corp., an affiliate of the locally-based F & T Group, a prominent owner, manager and developer of retail and commercial properties.  The loan was organized and placed by Mr. Fefferman and Michael Sonnabend, principals of AFC Realty Capital, with Barclay’s Capital.

     TDC Development and Construction Corp. is the one of the most active developers and landowners in Flushing.  TDC currently owns more than 10 acres of land that will be transformed within the redevelopment district.

     Situated at 133-31 39th Avenuein downtown Flushing, the Flushing Mall is located in the largest urban center in Queens, and second largest Chinatown in New York City.  The complex features many Asian-oriented retail outlets to cater to a predominantly Chinese market.  

     The renovations will add nearly 70 new stores to the retail center, including a wide variety of shops, services and restaurants.  Along with the stores, the new mall will feature a marketplace with a fountain, information booths, and vendor tables. 

     AFC Realty Capital is an innovative real estate investment banking firm specializing in debt and equity financing, investment, development, and consulting/advisory services.  The firm has been instrumental, both in a principal and advisory capacity, in financing, investment and development transactions aggregating in excess of $2 billion.


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