Elgon Lalaj Secures $3.95M Loan From Bayport Funding For Astoria Development Site

The asset involved in this transaction is a development site located at 23-57 31st Street in Astoria. The property has a building size floor area of 9,900 and a total square footage of 2,250. The loan amount for this development is $3,950,000, categorized as a construction loan with a term of 24 months.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,950,000
• Address: 23-57 31st Street
• Market: Astoria
• Asset Size (BSF): 9,900
• Asset Size (SF): 2,250
• Lender: Bayport Funding
• Landlord: Elgon Lalaj
• Broker: John Lagoudis - Aegean Commercial Capital
• Loan Type: Construction
• Loan Terms: 24 months

John Lagoudis from Aegean Commercial Capital represents the landlord, Elgon Lalaj, in this transaction. Aegean Commercial Capital facilitated the bridge loan intended to finance the construction of an 11-unit residential development, ensuring the project maintains its schedule through efficient execution.