Richie Zav Secures $10,000,000 Construction Loan From Ponce Bank For Development Site In Bronx

The property involved in this transaction is a development site located at 1010 University Avenue in the Bronx. It has a building size of 40,000 BSF and encompasses 7,500 SF. The loan amount secured for this development is $10,000,000, classified as a construction loan with a term of 2 years, plus a 1-year extension, at a fixed interest rate of 7%.

This transaction features Richie Zav as the borrower, who expresses a commitment to a smooth development process. The lending entity involved in this deal is Ponce Bank, providing financial support for the construction project.