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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.
- ◦Development
- ◦Financing
