Ponce Bank Provides $30 Million Bridge Loan To Chris Xu In Long Island City

The asset involved in the transaction is a Note/Loan located at 4250 24th Street in Long Island City. The total square footage of the property is 407,790. The loan amount associated with this asset is $30,000,000, and it is classified as a bridge loan with revolving terms.

Summary of transaction details:

• Property Type: Note / Loan
• Transaction Amount: $30,000,000
• Address: 4250 24th Street
• Market: Long Island City
• Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank; Lily Guo - ICross
• Landlord: Chris Xu - United Construction & Development
• Attorneys: Jane Chen - The Usinger Law Practice PLLC & Kevin Monaghan - Donovan LLP
• Loan Type: Bridge
• Loan Terms: Revolving

Ponce Bank, represented by Yanni Kouzilos and Douglas Romero, provided this loan to their long-time client, Lily Guo of ICross. The bank is recognized as one of the most active construction lenders in NYC and is dedicated to alleviating the housing shortage in the city while supporting the local community.