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FSA Capital Refinances Development Site At 133-09 37th Avenue With Ponce Bank For $7M
FINANCED
$7,000,000
New York
See Similar DealsDevelopment Site
Financed 04/30/2025
FINANCED
FSA Capital Refinances Development Site At 133-09 37th Avenue With Ponce Bank For $7M
133 09 37th Avenue
See Similar DealsDevelopment Site
Financed 04/30/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 133-09 37th Avenue in Flushing, Queens. This site has undergone a refinancing process resulting in a new loan amount of $7,000,000, which replaces the previous debt of $6,600,000. The loan was provided by Ponce Bank.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $7,000,000
- Lender: Ponce Bank
- Landlord: Brian S. Pun - FSA Capital
- Previous Debt: $6,600,000 from Global Bank
- Loan Type: Refinance
- Date: 04/30/2025
- Address: 133-09 37th Avenue
- Market: Flushing, Queens
The refinancing transaction was executed by Brian S. Pun representing FSA Capital, who secured a new loan from Ponce Bank to replace existing financing. This strategic move highlights the ongoing financial management of the development site in the Flushing area.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,000,000.00
Monthly NOI$46,666.67
Monthly Debt Service$44,244.76
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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