Ascent borrows $16M from Derby Copeland to refi 92-unit dev site in Long Island City

Ascent Development through the entity Pearson JV LLC as borrower signed a loan agreement with lender Derby Copeland Capital through the entity Derby 52, LLC valued at $16 million for 7 parcels including 45-31 Davis Street, 45-34 Pearson Street, 45-30 Pearson Street, 45-24 Pearson Street, and others in Long Island City. The deal closed on September 23, 2020 and was recorded on October 28, 2020. The signatory for Ascent was Amit Veeramachaneni.
The property has 94,265 square feet of available development rights, according to an estimate by PincusCo Media.
The average loan per buildable square foot is $170.
This is a loan that includes $2 million in new debt to finance the acquisition of two parcels adjacent to five parcels that comprise a development zoning lot.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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