ICross Capital Acquires $28.8M Note From Valley National Bank Secured By Urban 21 In Long Island City

A note/loan transaction occurred involving a financial asset amounting to $28,800,000, situated at 11-58 46th Road in Long Island City, Queens. The asset pertains to a note secured by a development project comprising 71 residential units and one commercial unit.

Summary of transaction details:

• Property Type: Note / Loan
• Transaction Amount: $28,800,000
• Buyer: iCross Capital
• Seller: Valley National Bank
• Date of Transaction: February 27, 2026
• Secured by: United Construction & Development Group’s Urban 21 project

The transaction was facilitated by iCross Capital through Elite 104 LLC, indicating the buyer's strategic acquisition of the note from Valley National Bank. This arrangement shows the financial activities involved in the development sector in Long Island City.