RIPCO Real Estate Secures $23.15M Construction Loan for LIC Residential Project
RIPCO Real Estate has successfully arranged $23.15 million in construction financing for a new residential development in the Dutch Kills section of Long Island City. The financing supports a joint venture between ZD Jasper Realty and Winspire Development for the project located at 37-20 Crescent Street.
The loan was secured with the involvement of ZD Jasper Realty Vice President Jasper Wu and Winspire Development’s Michael Wang. RIPCO’s Capital Advisory team, led by Executive Managing Director Adam Hakim and Managing Directors James Murad and Michael Winter, arranged the first mortgage construction financing through Bridge City Funding.
The loan proceeds will initiate construction on a six-story residential building, projected to be completed within 24 months.
The development site was previously sold to ZD Jasper Realty and Winspire Development by RIPCO’s Preuss Team, led by Stephen R. Preuss Sr., Vice Chairman of Investment Sales. Brown Harris Stevens Development Marketing has been tapped to oversee marketing efforts for the building.
“This financing reflects the strong demand and ongoing transformation of Long Island City into a dynamic, mixed-use neighborhood,” said James Murad of RIPCO.
The project adds to the continued growth and revitalization of Long Island City, reinforcing its status as a key residential and commercial hub within the borough of Queens.
