Flushing Commons Phase 2 Carries $123M of Maxim Credit Debt

The second phase of Flushing Commons broke ground in Queens this week with no price on it. The record has one. Three mortgages hit ACRIS on August 25, all dated August 13, all running from TDC FC2 LLC, care of F&T Group in Flushing, to Maxim Credit Group LLC at 600 Madison Avenue. They total exactly $123,000,000 against Queens block 4978, lot 25, the Municipal Lot 1 site. A deed in the same batch moves the land from the New York City Economic Development Corporation to TDC FC2 for a stated $0.

Why it matters

For a New York developer the signal is in the shape of the money, not just the size. Maxim Credit Group, a private lender, took the entire $123.0 million and wrote it as three separate notes rather than one, at $44,522,840, $63,428,755 and $15,048,405, each with its own assignment of leases and rents recorded immediately behind it. That is a stack built to be carved up later, by collateral or by component, which is what a site carrying condominiums, retail, office and a community facility needs. The lender line matters as much: a ground-up phase on city-conveyed land in downtown New York cleared in August 2026 on private credit, with no bank alongside it. If you are pricing construction debt on a public-private site this quarter, that is your comparable.

The numbers

$123,000,000 exactly, across three mortgages recorded the same day. Measured against the 156 condominium units the developer lists for the phase, that is $788,462 of recorded debt per unit before a single sale contract signs. The largest note, $63,428,755, carries 51.6% of the borrowing on its own. The land itself came across at $0, which is what a disposition to a designated developer looks like on paper, not a statement of value. The City Council approved the Flushing Commons disposition on July 29, 2010, so 16 years separate the approval from the debt that finally funds the second phase.

What’s next

This is the second time NYCEDC has deeded this position to TDC FC2. An earlier deed between the same parties, dated June 1, 2025 and recorded July 23, 2025, also ran at $0, and the August document appears to complete or correct it. A declaration and a title certificate went on record July 21 in TDC FC2’s name, paperwork that precedes a condominium offering. On the same block, a new-building job at 37-18 138 Street has pulled general construction permits since October 15, 2024, with a mini-crane amendment in plan examiner review as of August 28. Program figures are the open question: the developer’s page lists 148,000 sq ft of retail, 100,000 sq ft of office, a 66,000 sq ft YMCA and a 2029 finish, while the groundbreaking coverage carried smaller counts and a late 2028 date. The 156 units and the 1.3-acre plaza are the only program numbers both share, and the only ones the $123.0 million can be measured against today.