Updated Feb 9, 2026
Yanni Kouzilos & Douglas Romero Of Ponce Bank Provide $19 Million Loan For Long Island City Development
26 27 Jackson Avenue
$19,000,000
Building Size
—
Asset Type
Development Site
Closing
Jan 28, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 26-27 Jackson Avenue in Long Island City, featuring a buildable square footage of 34,478. The loan provided for this construction project amounts to $19,000,000, with a loan type classified as construction and terms set for 2 years plus an additional 1 year.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $19,000,000
- Address: 26-27 Jackson Avenue
- Market: Long Island City
- Asset Type: Development Site
- BSF: 34,478
- Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
- Landlord: Ben Zhang - B Square Realty
- Lender's Attorney: Jane Chen - Usinger Law
- Loan Terms: 2 years plus 1 year
Yanni Kouzilos and Douglas Romero from Ponce Bank facilitated the loan, which aims to support the construction of a new condo development. Ponce Bank, recognized as a CDFI Bank, has established itself as one of the most active construction lenders in New York City, focusing on community-driven lending solutions and addressing the housing shortage in NYC.
Players
Long Island City Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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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