Ke Ju Contracting Secures $34 Million Construction Loan From Ponce Bank For Development Site In Long Island City

The asset involved in this transaction is a development site located at 38-20 32nd Street in Long Island City. The site spans a total of 57,833 buildable square feet and is set to be developed for condominium purposes. The loan provided for this development amounts to $34,000,000, classified as a construction loan with a term of 2 years and an option for a 1-year extension.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $34,000,000
• Address: 38-20 32nd Street
• Market: Long Island City
• Asset Size: 57,833 BSF
• Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
• Borrower: Jian Hui Chen - Ke Ju Contracting
• Landlord's Rep: Cole Kinney Leonhardt - Brax Realty
• Lender's Attorney: Jane Chen - The Usinger Law Practice PLLC
• Loan Type: Construction
• Loan Terms: 2 years plus 1 year extension

Ponce Bank, represented by Yanni Kouzilos and Douglas Romero, facilitated the construction financing for this condo development for their long-time client, Ke Ju Contracting, represented by Jian Hui Chen. The attorney for the lender in this transaction is Jane Chen from The Usinger Law Practice PLLC, while Cole Kinney Leonhardt from Brax Realty represents the landlord.