Ponce Bank Provides $20M Refinance Loan For Wingate Hotel In Astoria Represented By Yanni Kouzilos And Douglas Romero
38 70 12th Street
$20,000,000
$214/SF
Building Size
93,161 SF
Asset Type
Hotel
Closing
Jul 29, 2025
About this deal
AI
The property involved in this transaction is a hotel located at 38-70 12th Street in Astoria. The asset spans 93,161 square feet and comprises 144 keys. The transaction was noted as a refinance, with a loan amount of $20,000,000 and loan terms set for five years.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $20,000,000
- Loan Type: Refinance
- Loan Terms: 5 years
- Lender: Ioannis “Yanni” Kouzilos & Douglas Romero - Ponce Bank
- Landlord: Alex Lau - Ampiera Group & Thomas Wang - W & L Group
Notably, Ponce Bank, represented by Yanni Kouzilos and Douglas Romero, provided the loan to Alex Lau of the Ampiera Group to refinance the Wingate hotel in Long Island City (LIC). The hotel has been recognized as the Best Wingate Hotel for the years 2022, 2023, and 2024.
On the Map
$20,000,000
$214/SF
Hotel
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Players
Long Island City Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93