Construction Loan Secured for 37-20 Crescent St. Mixed-Use Project in Long Island City
A $23.15 million first mortgage construction loan has been arranged to finance a new six-story mixed-use building at 37-20 Crescent St. in the Dutch Kills section of Long Island City, Queens. The loan will fund construction of a development that will include 39 residential units and roughly 11,400 square feet of ground-floor retail. The project team expects the building to open within the next 24 months.
Key financing and project players
The construction loan was provided by Bridge City Funding and was arranged by a capital advisory group from RIPCO Real Estate. That advisory team was led by an executive managing director and included two managing directors who handled the deal. The development partnership on the site is led by ZD Jasper Realty and Winspire Development. Representatives from both developer firms took part in securing the financing.
Project program and amenities
Planned for six floors, the building will contain 39 residences with unit types reported to range from studios through two-bedroom layouts. The development is being presented as a condominium project under the name CRESYN and has an estimated total project cost of about $31 million. Resident amenities listed for the building include a rooftop gym and rooftop lounge, along with practical features such as a package room, bicycle storage and private storage units. Ground-floor retail will occupy roughly 11,400 square feet of the building, with commercial tenant plans still to be finalized.
Site background and acquisition
The development site was purchased earlier in the year for about $8.5 million from a team within the brokerage that arranged the financing. The site purchase and subsequent plans are part of a broader push by the developer to build several mixed-use projects across the city. Project filings indicate the building will rise to about 63 feet and cover roughly 50,000 square feet of total floor area.
Timeline and next steps
With construction financing now in place, the developers plan to begin work and aim to complete the project within two years. The loan is intended to start and carry construction through critical early phases; final tenant selection and condo pricing will be determined as the project moves forward. The developers have prior experience securing construction loans and have multiple other projects active in the city.
Site location and transit
37-20 Crescent St. sits close to the 21st Street and Queensboro Plaza subway stations. Those stations provide fast access to several lines, including the N, W and 7 trains, offering residents convenient transit options to Manhattan and other parts of Queens.
Market context
The Crescent Street project comes as part of a wave of sizable residential developments across Long Island City. Nearby financing milestones include a separate, large-scale construction loan for a Court Square high-rise that will yield hundreds of condominiums and is slated to begin construction in mid-2025 with completion targeted in 2028. These larger moves reflect continued investor interest and ongoing neighborhood transformation into a dense, mixed-use corridor.
Project financing snapshot
The construction loan of $23.15 million is reported to be first mortgage debt specifically for construction purposes. The overall project budget is estimated around $31 million, meaning the loan will cover a significant portion of upfront building costs while the remainder is expected to be funded by developer equity and other financing sources.
Who was involved in arranging the loan
The capital advisory effort was led by RIPCO’s executive managing director and included two managing directors. The brokerage’s pre-sale team originally sold the site to the development partners earlier in the year. On the developer side, senior staff from both ZD Jasper Realty and Winspire Development participated in finalizing the financing package.
Frequently Asked Questions
What is the loan amount and lender?
The project received a $23.15 million first mortgage construction loan from Bridge City Funding.
What will the loan pay for?
The loan will finance construction of a six-story, mixed-use building at 37-20 Crescent St., covering onsite building costs from start through key construction milestones.
How large is the planned building?
The building is planned to be six stories, roughly 50,000 square feet in total, about 63 feet tall, with around 11,400 square feet of ground-floor retail and 39 residential units.
What amenities will the building offer?
Planned resident amenities include a rooftop gym, rooftop lounge, a package room, bicycle storage and private storage units.
Who are the developers and advisers?
The project is being developed by ZD Jasper Realty in partnership with Winspire Development. Financing was arranged by a capital advisory team at RIPCO Real Estate.
When will the project be completed?
With financing in place, the developers expect to complete and open the building within 24 months from the financing announcement.
How close is the site to transit?
The site is near the 21st Street and Queensboro Plaza stations, which are served by the N, W and 7 subway lines.
Key Project Features
| Feature | Detail |
|---|---|
| Address | 37-20 Crescent St., Dutch Kills, Long Island City, Queens |
| Loan Amount | $23.15 million (first mortgage construction loan) |
| Lender | Bridge City Funding |
| Developers | ZD Jasper Realty and Winspire Development |
| Building Size | Approximately 50,000 square feet; 6 stories; ~63 feet tall |
| Residential Units | 39 condos (studios to two-bedrooms) |
| Retail | About 11,400 sq ft ground-floor retail |
| Amenities | Rooftop gym, rooftop lounge, package room, bicycle storage, private storage |
| Estimated Total Cost | About $31 million |
| Site Purchase Price | Approximately $8.5 million earlier in the year |
| Transit Access | Near 21st Street and Queensboro Plaza stations (N, W, 7 trains) |
| Expected Completion | Within 24 months from financing announcement |