Ponce Bank Provides $15.7 Million Loan For Development Site In Long Island City
45 39 Davis Street
$15,700,000
Building Size
—
Asset Type
Development Site
Closing
Dec 4, 2025
AI
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.
Players
Long Island City Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.01%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93