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

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:

• Property Type: Development Site
• Transaction Amount: $125,000,000
• Lender: Lily Guo - iCross Capital
• Landlord: Tom Wu - Z.D. Jasper Realty
• Brokers: Jacob Petrovic, Morris Betesh & Omar Ferreira - Arrow Real Estate Advisors

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.