ZD Jasper has secured a $66.1 million construction loan from First Citizens Bank for its development at 64-11 Queens Boulevard, according to the Commercial Observer. The developer acquired the site for $18.6 million at the same time as obtaining the financing.
The deal was arranged by Adam Hakim, James Murad, and Michael Winter of Ripco Real Estate, with Stephen Preuss and Andreas Efthymiou facilitating the sale from a joint venture of family offices.
Plans for the project include a 14-story building with 175 residential units and 11,000 square feet of ground-floor retail space. Amenities will feature below-grade parking for some tenants, a fitness center, a pickleball court, and a golf simulator.
James Murad said lenders were interested in the project due to its location and the limited supply of new multifamily housing in New York City’s outer boroughs.
Earlier this week, ZD Jasper also received a $73 million construction loan from Madison Realty Capital for another project at 171 East 86th Street on Manhattan’s Upper East Side. That development is planned as an 18-story building with 24 luxury condominium units across 81,000 square feet.
Additionally, ZD Jasper recently obtained $125 million in financing for its Long Island City project at 45-40 Vernon Boulevard. This site is set to become a 23-story luxury condo building with 190 units at the former Paragon Paint Factory location.
In September last year, ZD Jasper secured $117.5 million in construction financing from Maxim Capital Group for its mixed-use project at 430 West 37th Street in Hell’s Kitchen.
Elsewhere in Woodside, Howard Taub of Sunny Atlantic Beach Club filed plans last September for a separate residential development featuring 253 units at 50-02 Queens Boulevard.
