Updated Sep 24, 2026
Ponce Bank Provides $70 Million Construction Loan To Sunlight Development Group In Brooklyn
350 Hicks Street
$70,000,000
Building Size
—
Asset Type
Development Site
Closing
Sep 17, 2026
About this deal
AI
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.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Browse Brooklyn development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93