Yanni Kouzilos & Douglas Romero Of Ponce Bank Provide $12M Loan For Land In Astoria
33-10 Astoria Boulevard South
$12,000,000
Building Size
—
Asset Type
Land
Closing
Oct 23, 2026
About this deal
AI
The asset involved in this transaction is land located at 33-10 Astoria Boulevard South, situated in the market of Astoria. The land has been financed for a total loan amount of $12,000,000, structured as a bridge loan with a term of one year plus an option for a one-year extension.
Summary of transation details:
- Property Type: Land
- Transaction Amount: $12,000,000
- Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
- Borrower: Quan Lin - Amara Holding
- Lender's Attorney: Antonia Constantinou - Coritsidis Sotirakis & Saketos & PLLC
- Loan Type: Bridge
- Loan Terms: 1 year plus 1 year extension
This transaction highlights the collaboration between Ponce Bank, identified as a community development financial institution, and its longstanding client, Quan Lin of Amara Holding. Ponce Bank’s commitment to providing acquisition land financing supports the development of affordable housing in Astoria, thereby contributing to local community welfare and addressing the housing shortage in New York City.
On the Map
$12,000,000
Land
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Players
Astoria Land Market Snapshot
Boundary boundary · Land · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93