Ponce Bank Provides $50M Refinance Loan For Hotel Property In Downtown Flushing

The property involved in this transaction is a hotel located at 35-36 Leavitt Street in the Flushing market. The asset spans a total square footage of 196,434 and features 246 keys. This transaction was marked by a refinance loan amounting to $50,000,000 with a term of 3 years.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $50,000,000
• Address: 35-36 Leavitt Street
• Market: Flushing
• Square Footage: 196,434
• Keys: 246
• Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
• Landlord: George Xu - Century Development Group
• Lender's Attorney: Jane Chen - The Usinger Law Practice PLLC
• Landlord's Attorney: Wilson Pun - Pun & Associates, PLLC
• Loan Type: Refinance
• Loan Terms: 3 years

This transaction involved significant contributions from key individuals and entities, including Yanni Kouzilos and Douglas Romero of Ponce Bank, who provided the financing. George Xu represented Century Development Group as the landlord. The legal aspects were managed by Jane Chen from The Usinger Law Practice PLLC for the lender, while Wilson Pun from Pun & Associates, PLLC represented the landlord.