Wade Chen Of Mito Group Secures $24.8 Million Loan From Ponce Bank For LIC Development

The asset involved in the transaction is a development site located at 10-37 49th Avenue in Long Island City. The property encompasses a total square footage of 48,902 BSF. The loan secured for this development is in the amount of $24,800,000, designated for construction purposes over a term of 2 years.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $24,800,000
• Address: 10-37 49th Avenue
• Market: Long Island City
• Asset Size: 48,902 BSF
• Lender: Douglas Romero & Yanni Kouzilos - Ponce Bank
• Landlord: Wade Chen, Mito Group
• Loan Type: Construction

This transaction highlights the collaboration between Ponce Bank and Wade Chen, who has been a long-time client of the bank. The funding is aimed at supporting the construction of a mixed-use condominium development designed to contribute to addressing the housing shortage in New York City.