July 10, 2018 Comments Off on LIC Condo Project Secures $502M Construction Loan Views: 3287 New York News, Top New York

LIC Condo Project Secures $502M Construction Loan

A venture led by developer Chris Jiashu Xu’s United Construction & Development has landed $502 million in construction financing for a planned 802-unit condominium tower in Queens’ Long Island City. The Wall Street Journal reported that JPMorgan Chase led the financing for Xu’s Court Square City View Tower, in a deal arranged by Meridian Capital’s Morris Betesh.

The Xu-led venture began foundation work on the 67-story tower at 23-14 44th Dr. late last year. Xu and his partners, including FSA Capital’s Brian Pun, acquired the site from Citigroup in 2015.

LIC is a relatively new market for condo development, and the Xu project will serve as a test of demand, according to the WSJ. Condo units at the project, which reportedly will be the city’s tallest residential tower outside Manhattan, are expected to be delivered in 2021.

Read more at WSJ

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