Winspire Development Secures $36.2 Million Construction Loan From Bridge City Capital For Condo In Long Island City
10-56 46th Road
$36,200,000
Building Size
—
Asset Type
Condo
Closing
Oct 6, 2026
About this deal
AI
The property involved in the transaction is a condo located at 10-56 46th Road in Long Island City. The loan amount secured for this asset is $36,200,000 for construction purposes.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $36,200,000
- Lender: Bridge City Capital
- Borrower: Winspire Development
- Landlord's Representative: Morris Betesh, Omar Ferreira & Jonah Schultz - Arrow Real Estate Advisors
- Market: Long Island City
Key individuals involved in this transaction include Jasper Wu, Michael Wang, Morris Betesh, Allan Lebovits, Louis Lebovits, Pinny Loketch, and Moishe Loketch, all of whom are essential to the construction loan process and deal facilitation.
On the Map
$36,200,000
Condo
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Players
Long Island City Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93