BHI, Valley National Bank Lead $78M Construction Loan for Rego Park Resi Tower

RJ Capital Holdings has nabbed $78 million of construction financing to build a 16-story residential tower in Rego Park, Queens, Commercial Observer has learned.

BHI and Valley National Bank led the loan for the developer’s planned Trylon Tower project at 98-81 Queens Boulevard, while Be Aviv served as the mezzanine lender. 

Ahead of the financing, RJ Capital completed a Uniform Land Use Review Procedure to upzone the property for high-rise multifamily, demolished the existing commercial structure and installed a foundation in order to obtain a 421a tax abatement prior to the program’s expiration. 

Meridian Capital Group arranged the transaction with a team led by Morris Betesh, Eli Serebrowski and Alex Bailkin, out of the company’s New York City headquarters.