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
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.
Players
Flushing Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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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