Ponce Bank Provides $15.7 Million Loan For Development Site In Long Island City

The transaction involves a development site comprising four addresses: 45-33 Davis St, 45-39 Davis St, 45-43 Davis St, and 45-40 Pearson St, located in the Long Island City market. The total asset size is approximately 115,004 buildable square feet, with a loan amount of $15,700,000 secured through a bridge loan for a term of 1 year, with an option for a 1-year extension.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $15,700,000
• Loan Type: Bridge
• Loan Terms: 1 year plus 1 year extension
• Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
• Landlord: Jasper Wu - ZD Jasper

Ponce Bank, represented by Yanni Kouzilos and Douglas Romero, is noted for providing the land financing to their long-term client, ZD Jasper, supporting a new condo development project aimed at addressing the housing shortage in NYC. The bank continues to emphasize its commitment to lending solutions that assist the local community.