Ponce Bank Provides $4.875M Bridge Loan For Development Site In Long Island City

The asset involved in this transaction is a development site located at 42-81 Hunter Street in Long Island City, encompassing a buildable square footage of 35,449. The loan amount provided for this site is $4,875,000, classified as a bridge loan with terms extending to 1 year plus an option for an additional year.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $4,875,000
• Address: 42-81 Hunter Street
• Market: Long Island City
• Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
• Landlord: Ben Zhang - B Square Realty
• Lender's Attorney: Jane Chen - Usinger Law
• Loan Type: Bridge
• Loan Terms: 1 year plus 1 year

The transaction involves key figures including Yanni Kouzilos and Douglas Romero from Ponce Bank, who are acting as the lenders for this development site. Ben Zhang from B Square Realty serves as the landlord, while Jane Chen of Usinger Law represents the lender's interests during the loan agreement process. Ponce Bank's involvement is part of its mission to provide active lending solutions to the community, specifically aimed at addressing the housing shortage in New York City.