Chris Jiashu Xu's Mixed-Use Tower In Long Island City Secures $502M Construction Loan With JPMorgan Chase

A construction loan in the amount of $502,000,000 has been secured for the development of a mixed-use tower located at 23-15 44th Drive in Long Island City, New York City. The loan was provided by JPMorgan Chase, and the developer and landlord of the property is Chris Jiashu Xu. The transaction was facilitated by Morris Betesh of Meridian Capital Group.

Summary of transaction details

• Property Type: Mixed-Use Tower
• Transaction Amount: $502,000,000
• Lender: JPMorgan Chase
• Developer/Landlord: Chris Jiashu Xu
• Broker: Morris Betesh with Meridian Capital Group

Morris Betesh of Meridian Capital Group played a key role in the transaction as the broker representing Chris Jiashu Xu, the developer and landlord. The construction loan provided by JPMorgan Chase will fund the development of the mixed-use tower located at 23-15 44th Drive in Long Island City.