Ponce Bank Provides $3.36 Million Acquisition Loan For Development Site In Long Island City

The property asset involved in this transaction is a development site located at 10-28 47th Avenue in the Long Island City market. The site encompasses a building square footage of 15,000 and is positioned for future condo development, as financed by the lender. The acquisition loan extended amounts to $3,360,000, structured over a term of one year with the possibility of an additional year.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,360,000
• Loan Type: Acquisition
• Loan Terms: 1 year plus 1 year
• Lender: Ioannis “Yanni” Kouzilos & Douglas Romero - Ponce Bank
• Landlord: Wade Chen - MIto Group & Quan Lin

The key individuals in this transaction include Ioannis “Yanni” Kouzilos and Douglas Romero, representing Ponce Bank, which is a CDFI Bank recognized for its active role as a construction lender in New York City. The loan was provided to long-time clients Wade Chen and Quan Lin, who are associated with MIto Group and are pursuing future developments to address housing needs in NYC.