Main Street – Flushing
On August 14, 2025, HREC closed a $20.0 million first mortgage acquisition loan secured by a leasehold interest on 7 contiguous retail stores and the adjacent parking lot located along Main Street in Flushing, NY, a highly populated and in demand corridor of Queens in close proximity to Arthur Ashe Stadium, Citi Field, and several major current developments including a Hard Rock casino and Etihad Park soccer stadium. The collateral value is driven from substantial NOI on the retail stores as well as the ability to (i) separate the parking lot from the adjacent store upon lease term end, (ii) hold it separately as fee simple ownership upon separation and (iii) develop up to 114K SF of a mixed-use condo building on the site. The loan is expected to be repaid in 12 months via monetization of the development site.