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New York & Tri-State  + Outer  + Finance  | 

LIC Adaptive Reuse Scores $125M Construction Loan

Arrow Real Estate Advisors secured a $125-million construction loan from iCross Capital on behalf of Z.D. Jasper Realty for luxury residential condominiums at 45-40 Vernon Blvd. in Long Island City, Queens. The financing was secured by Arrow founder and managing partner Morris Betesh, SVP Omar Ferreira and associate Jacob Petrovic.

The former Paragon Paint Building will serve as the podium and house the retail component of the 23-story development, The project will incorporate elements of the original facility to highlight and preserve the site’s historic identity. A new tower will rise above the former factory, creating 190 units of luxury residential space.

“We are proud to support the growth of Long Island City and the transformation and preservation of iconic spaces to bring luxury housing options to the evolving neighborhood,” said Betesh. The Arrow team conducted a targeted marketing process and determined that iCross Capital demonstrated a strong conviction in both the project’s vision and the long-term value of the location, enabling Z.D. Jasper Realty to secure financing on competitive terms.

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Arrow Real Estate Advisors' Betesh

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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