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10 28 47th Avenue

Updated Oct 13, 2026

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

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

10 28 47th Avenue

$3,360,000

Building Size

—

Asset Type

Development Site

Closing

Jul 29, 2025

About this deal

AI

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:

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.

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$3,360,000

Development Site

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Players

Douglas Romero

Ponce Bank

Lender

$1.2B

vol

40 deals

Lender
Ponce Bank
Ponce BankLender

Wade Chen

Mito Group

Landlord
Landlord
Mito Group
Mito GroupLandlord
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Long Island City Development Site Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

4.72%

Cash-on-Cash

-1.35%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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