Popular Community Bank Provides $4.8M Loan For Kew Gardens Development Site

A development site located at 116-17 Grosvenor Lane in Queens, Kew Gardens, has been involved in a closed transaction. The property, with a square footage of 18,000, will be the site of a to be built 7-story, 19-unit residential building.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $4,825,000
• Date: 08/27/2019
• Lender: Popular Community Bank
• Landlord: Grosvenor Realty Group LLC – Steven Li
• Broker: Michael Volpe (Volpe Realty LLC)
• Loan Terms: 24 months interest only construction financing

Michael Volpe from Volpe Realty LLC acted as the broker for this transaction. The loan amount for the development site was $4,825,000, with the loan terms being 24 months of interest only construction financing. The property is expected to be developed into a 7-story, 19-unit residential building.