Carmela Vasiadis Secures $2,000,000 Refinance Loan For Multifamily Property In Astoria With Ponce Bank

The property asset involved in this transaction is a multifamily building located at 34-31 9th Street, Astoria. The asset has a total square footage of 4,500 and consists of 6 units. The loan amount for this refinance transaction is $2,000,000 with a loan type of Refinance and terms set at 6.5% for a 5+5/30 year period.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,000,000
• Address: 34-31 9th Street
• Market: Astoria
• Asset Size: 4,500 SF
• Units: 6
• Lender: Ponce Bank
• Borrower: Carmela Vasiadis
• Loan Originator: John Lagoudis - Aegean Commercial Capital
• Lender's Representative: Mark Marneris - Ponce Bank
• Loan Terms: 6.5% 5+5/30 year

John Lagoudis, representing Aegean Commercial Capital, facilitated the cash-out refinance. This transaction involved brand new construction and also includes garages, indicative of the property's multifamily capability. It was noted that working with Ponce Bank was a pleasure for the originator in this transaction.