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B Square Realty Secures $19M Construction Loan From Ponce Bank For Long Island City Development
FINANCED
$19,000,000
New York
See Similar DealsDevelopment Site
Financed
FINANCED
B Square Realty Secures $19M Construction Loan From Ponce Bank For Long Island City Development
26-27 Jackson Avenue
See Similar DealsDevelopment Site
Financed
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$19,000,000.00
Monthly NOI$126,666.67
Monthly Debt Service$120,092.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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