Ponce Bank Provides $70 Million Construction Loan To Sunlight Development Group In Brooklyn

The asset involved in the transaction is a development site located at 350 Hicks Street, Brooklyn. The property has a total building square footage of 133,805 and is designated for mixed-use purposes. The construction loan amount associated with this property is $70,000,000 with a loan type classified as construction. The agreed loan terms extend for 2 years, with the option for an additional 1-year extension.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $70,000,000
• Address: 350 Hicks Street
• Market: Brooklyn
• Asset Type: Development Site
• Building Square Footage: 133,805
• Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
• Borrower: Lin Zhuo - Sunlight Development Group
• Lender's Attorney: Jane Chen - The Usinger Law Practice PLLC
• Borrower's Attorney: Morris Missry & Warren Barrows - Wachtel Missry LLP
• Loan Terms: 2 years plus 1 year extension

Yanni Kouzilos and Douglas Romero represent Ponce Bank, which is recognized as one of New York City's most active construction lenders. Lin Zhuo represents Sunlight Development Group in this transaction, which aims to facilitate financing for a mixed-use condominium building in Cobble Hill, Brooklyn. The loan provided by Ponce Bank aligns with their mission to offer lending solutions and support local community development, addressing New York City's housing shortages and promoting community preservation.