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45 40 Vernon Boulevard

Z.D. Jasper Realty Secures $125 Million Construction Loan From ICross Capital For Long Island City Development
FINANCEDDevelopment Site

Z.D. Jasper Realty Secures $125 Million Construction Loan From ICross Capital For Long Island City Development

45 40 Vernon Boulevard

$125,000,000

Building Size

Asset Type

Development Site

Closing

Apr 17, 2025

AI

The asset involved in this transaction is a development site located at 45-40 Vernon Boulevard in Long Island City, Queens. The property is positioned for a condo project that will feature 190 luxury units across 23 stories, with a construction loan amount of $125 million obtained for development purposes. This site is notable as it was formerly the location of the Paragon Paint Factory and is adjacent to the area where Amazon had planned its second headquarters.

Summary of transaction details:

The individuals involved in the transaction include Lily Guo, who represents iCross Capital as the lender, and Tom Wu, the landlord representing Z.D. Jasper Realty. The brokerage team facilitating this deal consists of Jacob Petrovic, Morris Betesh, and Omar Ferreira from Arrow Real Estate Advisors, providing their expertise in the transaction process.

Players

Morris Betesh

Arrow Real Estate Advisors

Broker

$12.4B

vol

214 deals

Broker
Lily Guo

Lily Guo

iCross Capital

Lender

$244.9M

vol

6 deals

Lender
iCross Capital
iCross CapitalLender

Tom Wu

Landlord

$294.4M

vol

5 deals

Landlord

Long Island City Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.13%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93