Yanni Kouzilos & Douglas Romero Of Ponce Bank Provide $19 Million Loan For Long Island City Development

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.