Thorofare Provides Acquisition Financing on Forest Hills Mixed-Use
Thorofare Capital, Inc. provided $16.8 million in financing to LTNG, Crown Acquisitions and Forest Hills Real Estate Group for acquisition and renovation of 69-30 Austin St., a 42,500-square-foot mixed-use building in Queens’ Forest Hills neighborhood. The sponsor plans to undertake a complete renovation of the property and lease up the retail and office space.
David Perlman, managing director and head of Thorofare’s New York office, originated the loan, with Jacob Yi and Paul Kim leading the underwriting and executing the closing of financing.
Perlman said, “Having the opportunity to finance a property on Austin Street, a vibrant retail corridor in the highly desirable Forest Hills market is rare and Thorofare is excited to have partnered with the sponsorship group as they engage on a much-needed and value-enhancing renovation of this prime real estate asset.”
Ross Cumming, at Ackman-Ziff Real Estate Capital Advisors, placed the financing for this transaction.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).