Lily Guo Of ICross Secures $25 Million Loan From Ponce Bank For Long Island City Property
45 40 Vernon Boulevard
$25,000,000
$130/SF
Building Size
192,316 SF
Asset Type
Note / Loan
Closing
May 14, 2025
AI
The asset involved in the transaction is a Note / Loan located at 45-40 Vernon Boulevard in the Long Island City market, encompassing a total square footage of 192,316. The loan amount associated with this asset is $25,000,000, characterized as a revolving note on note financing.
Summary of transation details:
- Property Type: Note / Loan
- Transaction Amount: $25,000,000
- Loan Type: Note on note
- Loan Terms: Revolving
- Lender: Ioannis “Yanni” Kouzilos & Douglas Romero - Ponce Bank
- Landlord: Lily Guo - ICross
- Lender's Attorney: Jane Chen, Esq., Partner - The Usinger Law Practice PLLC
Ponce Bank, represented by Ioannis “Yanni” Kouzilos and Douglas Romero, extended its financing services to long-term client Lily Guo of ICross through this transaction, highlighting the bank's activity as a construction lender in New York City.
Players
Long Island City Note / Loan Market Snapshot
Boundary boundary · Note / Loan · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93