Updated May 12, 2025
FSA Capital Refinances Development Site At 133-09 37th Avenue With Ponce Bank For $7M
133 09 37th Avenue
$7,000,000
Building Size
—
Asset Type
Development Site
Closing
Apr 30, 2025
About this deal
AI
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.
Players
Flushing Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93