RIPCO Real Estate arranged $23.15 million in construction financing for a ZD Jasper Realty and Winspire Development building located at 37-20 Crescent St. in the Dutch Kills section of Long Island City. The deal was secured with the involvement of ZD Jasper VP Jasper Wu and Winspire’s Michael Wang.
RIPCO’s Capital Advisory team — led by executive managing director Adam Hakim and managing directors James Murad and Michael Winter — arranged the loan from Bridge City Funding to provide first mortgage construction financing. Loan proceeds will be used to commence construction on the six-floor residential building, with completion expected within 24 months.
RIPCO’s Preuss Team, led by Stephen R. Preuss Sr., vice chairman of investment sales, sold the site to ZD Jasper and Winspire. Brown Harris Stevens Development Marketing will handle marketing.
“This financing reflects the strong demand and ongoing transformation of Long Island City into a dynamic, mixed-use neighborhood,” said Murad.
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