FBL Development Secures $66 Million Loan From Ponce Bank And ICross Capital For The Rowan Plus

The asset involved in this transaction is a mixed-use development located at 21-01 31st Street in Astoria, Queens, comprising a total square footage of 104,619. It will feature 86 residential units, two commercial spaces, 35 parking spots, and 30 storage units, making it a substantial addition to the neighborhood market.

Summary of transaction details:

• Property Type: Mixed-Use
• Transaction Amount: $66,000,000
• Loan Type: Ground-Up Construction
• Loan Terms: 3 years
• Lender: Ponce Bank
• Lender's Representatives: Douglas Romero & Ioannis “Yanni” Kouzilos
• Additional Lender: ICross Capital
• Additional Lender's Representative: Lily Guo
• Borrower: FBL Development
• Market: Astoria, Queens

This transaction marks a collaboration between Ponce Bank, known as New York City’s most active construction lender, and ICross Capital, reflecting their commitment to financing the development of “The Rowan Plus,” which represents Phase II of the Rowan condominium project in Astoria.