July 10, 2018
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.
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