P & L Associates Secures $9.5 Million Loan From Ponce Bank For Bayside Office Acquisition

The property involved in this transaction is an office asset located at 42-40 Bell Boulevard, Bayside, comprising 61,639 square feet and 33 units. The loan amount secured for the acquisition of this asset is $9,500,000 with terms set for 5 years plus an additional 5 years.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $9,500,000
• Address: 42-40 Bell Boulevard
• Market: Bayside
• Asset Size: 61,639 SF
• Units: 33
• Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
• Landlord: P & L Associates
• Lender's Attorney: Jane Chen - The Usinger Law Practice PLLC
• Loan Type: Acquisition
• Loan Terms: 5 years plus 5 years

The key individuals involved in this transaction include Yanni Kouzilos and Douglas Romero, who served as lenders representing Ponce Bank. Additionally, Jane Chen from The Usinger Law Practice PLLC acted as the lender's attorney. The financing provided supports Alex Lau, the client involved in this acquisition, facilitating the funding for the office building aimed at community preservation and addressing housing shortages in New York City.