**RIPCO Arranges $23.15M Construction Loan for Long Island City Residential Project**
RIPCO Real Estate has successfully arranged $23.15 million in construction financing for a new residential development located at 37-20 Crescent Street in the Dutch Kills section of Long Island City. The project is being developed by a joint venture between ZD Jasper Realty and Winspire Development.
The financing was secured through Bridge City Funding and will be used to commence construction on a six-story residential building, with project completion expected within 24 months. The deal involved ZD Jasper’s Vice President Jasper Wu and Winspire’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 loan.
The site was previously sold to ZD Jasper and Winspire by RIPCO’s Preuss Team, under the leadership of Stephen R. Preuss Sr., Vice Chairman of Investment Sales. Marketing for the development will be handled by Brown Harris Stevens Development Marketing.
“This financing reflects the strong demand and ongoing transformation of Long Island City into a dynamic, mixed-use neighborhood,” said Murad.
The project marks another step forward in the revitalization and growth of this key Queens neighborhood.
