Arrow Real Estate Advisors secures $125 million for 45-40 Vernon Blvd. development

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

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. “This financing underscores our team’s commitment to providing clients best-in-class capital markets expertise and deep knowledge of local submarkets to find solutions for the best long-term value.”

Arrow Real Estate Advisors’ team conducted an in-depth, targeted marketing process to identify a lender who would support the project through both the acquisition and construction phases. 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, led by Tom Wu, Jasper Wu, and Susan Wu, to secure the construction financing on competitive terms.