Benny Chen Of Sky Group Management Secures $45 Million Loan From Ponce Bank For Development Site In Flushing

The asset involved in this transaction is a development site located at 13629 38th Avenue in Flushing. The property has a building square footage of 157,940 and a total square footage of 157,940. The total loan amount secured for this project is $45,000,000 with a construction loan type and terms set for 3 years.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $45,000,000
• Address: 13629 38th Avenue
• Market: Flushing
• Building Square Footage: 157,940
• Total Square Footage: 157,940
• Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
• Landlord: Benny Chen - Sky Group Management
• Attorney: Jane Chen - The Usinger Law Practice PLLC
• Loan Type: Construction
• Loan Terms: 3 years

This transaction involves key individuals such as Yanni Kouzilos and Douglas Romero representing Ponce Bank, which is one of the most active construction lenders in NYC. The loan will facilitate the construction of a first-class office building in Downtown Flushing. Additionally, Benny Chen represents Sky Group Management as the landlord, while Jane Chen from The Usinger Law Practice PLLC serves as the attorney for this deal. Note from the lender indicates Ponce Bank's commitment to providing active lending solutions and supporting the local community.