FSA Capital Secures $89M for Major Flushing Mixed-Use Development
FSA Capital Secures $89M for Major Flushing Mixed-Use Development
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July 9, 2025 | New York City
FSA Capital has taken a significant step forward in its latest Queens development, securing $89 million in financing for a new mixed-use project at 133-09 37th Avenue in Flushing. The loan package, signed in late June and recorded in early July, includes funding from Ponce Bank and consists of a $34.7 million building loan, $25 million land loan, and a $9.2 million project loan.
The planned 14-story development will total approximately 253,200 square feet and is scheduled for completion in the summer of 2027. It will feature 99 residential condo units, over 300 underground parking spaces, and a sizable commercial component—more than 65% of which is already pre-leased, according to project partner Benjamin Clyburn.
“This was a best-in-class development that demanded a lender with both vision and commitment, and we’re really glad to have found that in Ponce Bank,” said Clyburn. FSA Capital has built a strong portfolio, most notably co-developing the Skyline Tower in Long Island City, the tallest building in Queens and a $1.1 billion project.
Flushing has become a hotbed for commercial leasing activity in recent years. Notable deals include Tesla’s 150,000-square-foot lease on Whitestone Expressway and the arrival of 99 Ranch Market on Main Street. With major infrastructure and entertainment projects on the horizon, including a potential casino bid near Citi Field, Flushing continues to attract both developers and national tenants.
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