Wells Fargo Provides $290M Refinance Loan For Development Site In Long Island City

The asset involved is a development site located at 49‑20 5th Street in Long Island City. The property is part of a mixed-use development named Jasper, which includes 499 residential units and fully leased retail space. The refinancing loan amount secured is $290,000,000, replacing a prior construction loan of $220,000,000. The site features 150 affordable units and a range of rooftop amenities, with more than 65% of the units leased after six months.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $290,000,000
• Lender: Wells Fargo
• Landlord: Matthew Schwartz & Chris Papamichael - The Domain Companies, David Dishy - LMXD, Jonathan Slager - Bridge Investment Group
• Loan Type: Refinance

The individuals and companies involved in this transaction include Matthew Schwartz and Chris Papamichael, who represent The Domain Companies, along with David Dishy from LMXD and Jonathan Slager representing Bridge Investment Group. This refinancing follows Domain Cos.' acquisition of longtime partner Vorea Group amid potential neighborhood rezoning initiatives.