Updated Mar 11, 2025
Ponce Bank Provides $27.5M Construction Loan For Industrial Property In Long Island City
46 11th Street, Queens, New York 11101, United States
$27,538,333
Building Size
—
Asset Type
Industrial
Closing
Sep 22, 2022
About this deal
AI
The industrial property located at 46-02 & 46-12 11th Street in Long Island City has undergone a recent closed transaction. The loan, provided by Ponce Bank, was used for construction purposes. The landlord of the property is Matthew Alexander Yang.
Summary of transaction details:
- Property Type: Industrial
- Loan Amount: $27,538,333
- Loan Type: Сonstruction
- Lender: Ponce Bank
- Landlord: Matthew Alexander Yang
This transaction showcases the active involvement of key individuals and companies within the deal. Ponce Bank acted as the lender, providing a substantial loan of $27,538,333 for the construction of the industrial property. Matthew Alexander Yang, as the landlord, played a crucial role in facilitating the transaction.
Players
New York Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.58%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93