The commercial real estate brokerage firm RIPCO Real Estate announced it has secured a $23.15 million loan from Bridge City Funding to provide first mortgage construction financing for a new mixed-use building on the lot at 37-20 Crescent St. in the Dutch Kills section of Long Island City.
The building, which will be run by real estate developers ZD Jasper Realty and Winspire Development, will have six floors with 39 residences and 11,400 square feet of retail space, as well as several amenities for residents, including a rooftop gym and lounge, a package room, bicycle storage and private storage. The building is expected to be completed and open within the next 24 months.
ZD Jasper Realty and Winspire Development had previously purchased the site from RIPCO’s Preuss Team, led by Vice Chairman of Investment Sales Stephen R. Preuss Sr.
The financing was arranged by RIPCO’s capital advisory team, led by Executive Managing Director Adam Hakim and Managing Directors James Murad and Michael Winter. ZD Jasper Realty Vice President Jasper Wu and Winspire’s Michael Wang were also involved in securing the loan.
“This financing reflects the strong demand and ongoing transformation of Long Island City into a dynamic, mixed-use neighborhood,” Murad said. “We’re proud to have supported ZD Jasper Realty and Winspire Development in bringing this project to life and look forward to seeing it enhance the community’s landscape.”
37-20 Crescent St. is located within close proximity to the 21st Street and Queensboro Plaza subway stations, which provide service for the N, W and 7 trains.
