Jack Fang Secures $33 Million Bridge Loan For Multifamily Development In Long Island City
FINANCED
New York
See Similar DealsMultiFamily68,856 SF
Financed 02/20/2026
FINANCED
Jack Fang Secures $33 Million Bridge Loan For Multifamily Development In Long Island City
37 42 30th Street
See Similar DealsMultiFamily68,856 SF
Financed 02/20/2026
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$479
Total Square Footage:68,856 SF
Transaction Type:Loan
The property asset involved in this transaction is a multifamily building located at 37-42 30th Street in Long Island City. It has a total square footage of 68,856 and consists of 64 residential units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $33,000,000
- Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
- Landlord: Jack Fang
- Loan Type: Bridge
- Loan Terms: 2 year plus 8
The transaction was facilitated by Yanni Kouzilos and Douglas Romero of Ponce Bank, which is recognized as a CDFI Bank and one of the most active construction lenders in NYC. The financing provided supports a new rental development aimed at addressing the housing shortage in New York City.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$33,000,000.00
Monthly NOI$220,000.00
Monthly Debt Service$208,582.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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