Arrow Real Estate Advisors has arranged acquisition financing for a development site at 10-38 45th Road in Long Island City, securing a $9.0 million loan for Century Development Group. The financing was provided by MidFirst Bank, with Arrow acting as intermediary between the lender and the sponsor. The assignment was led by founder and managing partner Morris Betesh, with SVP Omar Ferreira, associate Jacob Petrovic and analyst Jonah Schultz all contributing to the execution of the loan.
Betesh noted that Long Island City remains one of the more compelling development areas within New York City, emphasizing that the proposed OneLIC rezoning further supports the long-term potential of this corridor. He added that speed was a key consideration on the transaction, and that Arrow worked closely with MidFirst Bank to close the financing within a timeline that aligned with the sponsor’s acquisition requirements.
The loan is secured by a 16,000-square-foot land parcel that offers approximately 62,400 square feet of zoning floor area. This density positions the site for a future ground-up residential project, although no specific development plan or schedule has been disclosed. The site falls within the boundaries of the newly proposed OneLIC rezoning, highlighting its location in what is described as one of New York City’s most active development corridors.
While terms beyond the loan amount were not released, the transaction underscores continued lender interest in well-located, transit-adjacent development sites in Long Island City. With Arrow Real Estate Advisors arranging the financing and MidFirst Bank providing the capital, Century Development Group has secured control of a sizable residential development opportunity in a submarket that remains in focus for New York City multifamily growth.
