Updated May 29, 2026
Ponce Bank Provides $68 Million Refinance For Development Site In Flushing For Chris Xu
131-01 39th Avenue
$68,000,000
Building Size
—
Asset Type
Development Site
Closing
May 20, 2026
About this deal
AI
A development site located at 131-01 39th Avenue in Flushing has been refinanced for a loan amount of $68,000,000. The asset encompasses a building square footage of 663,878. The transaction occurs in the Flushing market, which is known for its potential for development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $68,000,000
- Loan Type: Refinance
- Loan Terms: 2 years
- Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
- Landlord: Chris Xu - United Group
- Lender's Attorney: Jane Chen - The Usinger Law Practice PLLC
- Landlord's Attorney: Wilson Pun - Pun & Associates & PLLC
Ponce Bank, represented by Yanni Kouzilos and Douglas Romero, provided the refinance for the property to its long-time client, Chris Xu. The refinancing aligns with Ponce Bank’s focus on supporting local communities and addressing housing needs in New York City.
On the Map
$68,000,000
Development Site
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Flushing Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93