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New York & Tri-State  + Outer  + Finance  | 

RIPCO Arranges Construction Loan on LIC Residential

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.

“This financing reflects the strong demand and ongoing transformation of Long Island City into a dynamic, mixed-use neighborhood,” said Murad. 

Hear from top leaders at Cushman & Wakefield, Thorofare Capital, Charney, GFP and Greystone, and more at Connect New York Apartments Investment & Finance on October 23. 

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Inside The Story

RIPCO's Murad

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