Updated Mar 11, 2026
B Square Realty Secures $19M Construction Loan From Ponce Bank For Long Island City Development
26-27 Jackson Avenue
$19,000,000
Units
32
Asset Type
Development Site
Closing
Feb 3, 2026
About this deal
AI
A construction loan amounting to $19,000,000 has been secured for a development site located at 26-27 Jackson Avenue in Long Island City, Queens. The asset encompasses a 23,795-square-foot area designated for a residential project consisting of 32 units.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $19,000,000
- Loan Type: Construction
- Lender: Ponce Bank
- Landlord: Hang Dong Zhang - B Square Realty
- Market: Long Island City, Queens
- BSF: 23,795
B Square Realty, represented by 2627 Jackson LLC, is the entity behind the construction loan agreement with Ponce Bank, indicating their involvement in facilitating the financial aspect of the residential project.
On the Map
$19,000,000
Development Site
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Players
Long Island City 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
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93