ZD Jasper Commands Second Construction Loan of the Week

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Jasper Wu is wooing construction lenders left and right this week.

ZD Jasper landed a $66.1 million financing package from First Citizens Bank for a project at 64-11 Queens Boulevard, the Commercial Observer reported. The developer acquired the site for $18.6 million concurrent with securing the loan.

Ripco Real Estate’s Adam Hakim, James Murad and Michael Winter arranged the financing, while the firm’s Stephen Preuss and Andreas Efthymiou facilitated the sale from a joint venture of family offices.

ZD Jasper is planning a 14-story, 175-unit building with 11,000 square feet of ground-floor retail. The project will also include below-grade parking for a small percentage of tenants, a fitness center, a pickleball court and a golf simulator.

Murad told the outlet that lenders were attracted to the development because of its location and the limited multifamily supply coming online in the city’s outer boroughs.

The developer did not comment to the publication.

Instead, ZD Jasper is letting the week’s success do much of the talking.

At the start of the week, Madison Realty Capital provided a $73 million construction loan for the Queens developer’s project at 171 East 86th Street, the former Upper East Side home of Papaya King. ZD Jaspser is planning to build an 18-story property with 24 luxury condo units, ranging from two- to five-bedroom apartments spread across 81,000 square feet.

ZD Jasper also landed $125 million for its project at 45-40 Vernon Boulevard in Long Island City. The developer’s plans at the site are for a 23-story, 190-unit luxury condo building at the former Paragon Paint Factory.

Last September, ZD Jasper scored $117.5 million in construction financing for a project at 430 West 37th Street in Hell’s Kitchen. Maxim Capital Group provided the debt on the mixed-use, condo-heavy project.

Elsewhere in Woodside, Howard Taub of the Sunny Atlantic Beach Club filed plans for a 253-unit project at 50-02 Queens Boulevard in September.

— Holden Walter-Warner