Ponce Bank Provides $36 Million Refinance Loan For Alex Lau's Multifamily Development In Sunnyside

The property asset involved in this transaction is located at 4502 Queens Boulevard in Sunnyside. This multifamily asset spans a total square footage of 84,584 and comprises 63 units. The transaction is characterized by a refinance loan amounting to $36,000,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $36,000,000
• Address: 4502 Queens Boulevard
• Market: Sunnyside
• Square Footage: 84,584
• Units: 63
• Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
• Landlord: Alex Lau - Montperia Group
• Lender's Attorney: Jane Chen - The Usinger Law Practice PLLC
• Loan Type: Refinance
• Loan Terms: 3 years

This transaction involved key stakeholders, including Yanni Kouzilos and Douglas Romero serving as lenders from Ponce Bank, which is noted for its role as a community development financial institution. Alex Lau, representing Montperia Group, is the landlord associated with this deal. Jane Chen from The Usinger Law Practice PLLC acts as the lender's attorney, facilitating the legal aspects of this financing arrangement for a new affordable housing development in the area.