Ponce Bank Provides $2,200,000 Refinance Loan For Mixed-Use Property In Astoria
12-36 31st Drive
$2,200,000
$523/SF
Building Size
4,200 SF
Asset Type
Mixed-use
Closing
Sep 4, 2026
About this deal
AI
The property asset involved in this transaction is located at 12-36 31st Drive in the Astoria market. It is a mixed-use asset comprising 4,200 square feet, featuring one commercial unit and five residential units.
Summary of transation details:
- Property Type: Mixed-use
- Transaction Amount: $2,200,000
- Lender: Ponce Bank
- Loan Type: Refinance
- Loan Terms: 5 year term @ 6.25% (30 year amortization schedule)
- Broker: Michael Volpe - Highcap Group
- Units: 6 (1 Commercial & 5 Residential)
The key individuals involved in this deal include Michael Volpe, representing Highcap Group, who acted as the broker for the transaction. The lender for this refinancing was Ponce Bank.
On the Map
$2,200,000
$523/SF
Mixed-use
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Players
Astoria Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.21%
Cash-on-Cash
-2.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93