BridgeCity Capital lends $36.2M for Long Island City condos
Winspire Development's 41-unit building at 10-56 46th Road is slated for completion in spring 2028.
At a glance
BridgeCity Capital provided $36.2 million of construction financing to Winspire Development for a 41-unit condominium project in Long Island City, Queens, Commercial Observer first reported.
The 57,670-gross-square-foot project will include ground-floor retail space near the corner of 46th Road and 11th Street, and is slated for completion in spring 2028.
EJ Ehrlich, BridgeCity's director of originations, said in a statement that Winspire is a repeat borrower with a proven track record and the LIC market's strength gives the lender confidence in the project's execution.
BridgeCity Capital provided $36.2 million of construction financing to Winspire Development for a 41-unit condominium project in Long Island City, Queens, Commercial Observer first reported. The Brooklyn-based lender is funding the borrower's planned building at 10-56 46th Road. The site is a mile southwest of Winspire's Mason LIC condo project at 40-46 24th Street, which debuted in late 2024 and has sold all 42 units.
The 57,670-gross-square-foot project will include ground-floor retail space near the corner of 46th Road and 11th Street, and is slated for completion in spring 2028. Arrow Real Estate Advisors negotiated the debt with a team of Morris Betesh, Omar Ferreira and Jonah Schultz.
EJ Ehrlich, BridgeCity's director of originations, said in a statement that Winspire is a repeat borrower with a proven track record and the LIC market's strength gives the lender confidence in the project's execution. Betesh, Arrow's founder and managing partner, cited Mason LIC's sales record as evidence Winspire can repeat the performance.
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