Urban Standard Capital Provides $10.1 Million Construction Loan For Astoria Condo Transaction

The property asset involved in this transaction is a condominium located at 23-42 31st Drive in the Astoria market. The condominium is backed by a construction loan amounting to $10,100,000 with a term of 2 years.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $10,100,000
• Lender: Urban Standard Development
• Landlord: Roshan Shah & David Smoot - Hamilton Road Capital & Andy Bassaly - Bassaly Development
• Brokers: Justin Piasecki, Thomas Butler, Shuvo Hussain & Chandana Reddy - George Smith Partners
• Loan Type: Construction
• Loan Terms: 2 years
• Date of Transaction: 7/10/2025

The deal's key individuals include Roshan Shah and David Smoot representing Hamilton Road Capital, alongside Andy Bassaly of Bassaly Development, who acted as landlords in this transaction. The brokerage team comprising Justin Piasecki, Thomas Butler, Shuvo Hussain, and Chandana Reddy from George Smith Partners played a crucial role in facilitating the loan arrangement.