ZD Jasper Realty secured a $125 million construction loan from iCross Capital for a 23-story luxury condo project at 45-40 Vernon Boulevard in Long Island City. The development will feature 190 units and ground-floor retail. The site, formerly home to the Paragon Paint Factory, was acquired for $47 million last year. Previous plans by prior owners stalled due to community pushback and financing concerns, though a zoning variance had been approved. This marks ZD Jasper’s second major financing deal in recent months, following a $117.5 million loan for a Hell’s Kitchen project. Arrow Real Estate Advisors arranged the financing.
ZD Jasper Realty
