BridgeCity Capital Lends $36M on Long Island City Condos Build

Winspire Development has landed $36.2 million of construction financing to build a condominium project in Long Island City, Queens, Commercial Observer has learned.

Brooklyn-based BridgeCity Capital provided the loan for the developer’s planned 41-unit condo building at 10-56 46th Road. The development is a mile southwest of Winspire’s Mason LIC condo project at 40-46 24th Street that debuted in late 2024 and has sold all 42 units.

Arrow Real Estate Advisors negotiated the debt with a team consisting of Morris Betesh, Omar Ferreira and Jonah Schultz.

“Winspire Development has already shown with Mason LIC that they can deliver a product that resonates with buyers in Long Island City, and this financing positions their next project for continued success,” Betesh, founder and managing partner at Arrow Real Estate Advisors, said in a statement.

The 57,670-gross-square-foot 10-56 46th Road project will also include ground-floor retail space. The development, near the corner of 46th Road and 11th Street, is slated for completion in spring 2028.

EJ Ehrlich, director of originations at BridgeCity Capital, said in a statement Winspire is a repeat borrower with a “proven track record.” That, “coupled with the continued strength of the LIC market, gives us tremendous confidence in their ability to successfully execute this project,” Ehrlich said.

Winspire Development did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.