Updated Oct 19, 2026
Leon Chen Of Jun's Construction Secures $35 Million Construction Loan From Ponce Bank In College Point
122 03 14th Avenue
$35,000,000
$340/SF
Building Size
102,909 SF
Asset Type
MultiFamily
Closing
Jan 20, 2026
About this deal
AI
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.
On the Map
$35,000,000
$340/SF
MultiFamily
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College Point MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93