US developer Winspire Development has closed a 36.2 million US dollar construction financing facility for the delivery of a new residential building in Long Island City in the New York borough of Queens. The lender is Brooklyn-based BridgeCity Capital, which is providing full debt financing for the planned scheme at 10-56 46th Road.
The scheme provides for the construction of 41 condominiums. Plans comprise a gross floor area of 57,670 square feet, with the ground floor reserved for commercial retail space. The site is located in the immediate vicinity of the intersection of 46th Road and 11th Street.
Financing arranged by Arrow Real Estate Advisors
Debt negotiations were led by Arrow Real Estate Advisors. The advisory team comprised Morris Betesh, Omar Ferreira and Jonah Schultz. Betesh, founder and managing partner of the advisory firm, emphasised that Winspire Development had already proven with its predecessor scheme Mason LIC that it could deliver a marketable concept in high demand among buyers in Long Island City. The loan now provided creates the basis for the company's ongoing success.
The new building is located roughly one mile south-west of the Mason LIC project at 40-46 24th Street. That building was brought to market at the end of 2024 and saw all 42 condominiums sell out within a short timeframe. Completion of the new asset on 46th Road is scheduled for spring 2028.
Key data and market environment in Queens
- —Project location: 10-56 46th Road, Queens, New York
- —Financing volume: 36.2 million US dollar construction loan
- —Use structure: 41 condominiums and ground-floor retail
- —Completion horizon: Spring 2028
EJ Ehrlich, Director of Originations at BridgeCity Capital, noted in a statement that Winspire Development is a repeat borrower with a proven track record. This existing trust, combined with the sustained momentum of the Long Island City submarket, provides a reliable foundation for the successful delivery of the new scheme.
The condominium market in Queens continues to benefit from solid demand for new-build projects, whilst private lending institutions such as BridgeCity Capital selectively provide capital to experienced developers in established urban locations.
