Ponce Bank Provides $10 Million Loan For 32 Units Affordable Housing Development In Astoria

The property involved in this transaction is a development site located at 3631 31st Street in Astoria. It encompasses a building site with a base square footage of 29,731. The loan amount secured for this development is $10,000,000, designated for construction purposes, with loan terms spanning 2 years plus an option for a 1-year extension.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $10,000,000
• Address: 3631 31st Street
• Market: Astoria
• Asset Type: Development Site ~ BSF: 29,731
• Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
• Landlord: Aditya Shah & Everywhere Development
• Lender's Attorney: Antonia Constantinou - Coritsidis Sotirakis & Saketos & PLLC
• Loan Type: Construction
• Loan Terms: 2 years plus 1 year extension

This transaction features significant involvement from Ponce Bank, recognized as one of New York City's most active construction lenders. The financing is specifically aimed at supporting the development of a 32-unit affordable housing rental building. The long-time clients of the bank include Aditya Shah and Roman Singh, demonstrating the lender's ongoing commitment to community needs and addressing housing shortages in New York City.