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.
- ◦Financing
