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New York & Tri-State  + Outer  + Finance  | 

Arrow Arranges Financing for Two Queens Development Parcels

Arrow Real Estate Advisors arranged $9,600,000 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, Queens. The loan was provided by Israel Discount Bank, and the transaction was led by founder and managing partner Morris Betesh, SVP Omar Ferreira and associate Jacob Petrovic.

“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 Boulevard, 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 prominent frontage along Northern Boulevard. Following the acquisition, Century Development Group plans to advance site plan approvals in preparation for a future development.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Financing