Leon Chen Of Jun's Construction Secures $35 Million Construction Loan From Ponce Bank In College Point
FINANCED
New York
See Similar DealsMultiFamily102,909 SF
Financed 01/21/2026
FINANCED
Leon Chen Of Jun's Construction Secures $35 Million Construction Loan From Ponce Bank In College Point
122 03 14th Avenue
See Similar DealsMultiFamily102,909 SF
Financed 01/21/2026
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$340
Total Square Footage:102,909 SF
Transaction Type:Loan
The property asset involved in this transaction is a multifamily building located at 122-03 14th Avenue in the College Point market. The asset encompasses a total square footage of 102,909 and consists of 99 residential units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $35,000,000
- Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
- Landlord: Leon Chen - Jun's Construction
- Lender's Attorney: Jane Chen - Usinger Law
- Loan Type: Construction
- Loan Terms: 2 years plus 1 year
The deal features key individuals including Yanni Kouzilos and Douglas Romero from Ponce Bank, who provided financing for the project. Leon Chen from Jun's Construction acts as the landlord while Jane Chen of Usinger Law serves as the lender's attorney, contributing to the successful arrangement of this construction loan in support of an affordable housing development.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$35,000,000.00
Monthly NOI$233,333.33
Monthly Debt Service$221,223.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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