Ponce Bank Provides $2,000,000 Refinance Loan For Multifamily Property In Astoria

The asset involved in this transaction is a multifamily property located at 34-31 9th Street in Astoria, measuring 4,500 square feet and comprising 6 units. The transaction was a refinance loan amounting to $2,000,000, secured from Ponce Bank at a rate of 6.5% with terms of 5+5/30 years.

This transaction highlights the collaboration between Aegean Commercial Capital and Ponce Bank, with John Lagoudis originating the loan. The note from the loan originator emphasizes the successful arrangement of a cash-out refinance for a property that includes six apartments plus garages, showcasing the financing capabilities leveraged in a new construction context.