Rendering-style view of the 14‑story multifamily tower under construction at 64‑11 Queens Boulevard, Woodside.
Woodside, Queens, New York, August 30, 2025
First Citizens Bank funded a $66.1 million construction loan to ZD Jasper Realty to build a 14‑story, 175‑unit multifamily building at 64‑11 Queens Boulevard in Woodside, Queens. The project includes roughly 11,000–11,318 sq ft of ground‑floor retail, below‑grade parking with about 29 tenant spaces, and resident amenities such as a fitness center, pickleball court and golf simulator. The borrower completed site acquisition at about $18.6 million. The loan leverages a carried tax abatement for some affordable units and supports a projected 30‑month construction timeline, subject to permits and market conditions.
Key development financing closed as a lender provided a $66.1 million construction financing package to back a planned 14‑story multifamily tower at 64‑11 Queens Boulevard in Woodside, Queens. The borrower is the developer working under the name ZD Jasper Realty, which also acquired the project site at the time of the loan for roughly $18.6 million.
The development is planned as a 14‑story residential building with 175 units and ground‑floor retail. Reports describe the retail footprint as either 11,000 square feet or 11,318 square feet. The building will include below‑grade parking, with one account specifying 29 tenant parking spaces intended for a small share of residents. The site sits within easy walking distance of the 7 subway line and the Woodside LIRR station, making transit access a core selling point.
The project is expected to be completed within 30 months from financing, and the planned tenant amenities include a fitness center, a pickleball court and a golf simulator. A portion of the building’s units were designated as affordable housing, enabling a tax abatement under the former 421a program framework that is now succeeded by a new program commonly called 485x.
The construction loan was arranged by a brokerage firm that handled both the debt placement and the earlier site sale transaction. Members of the capital markets team credited for arranging the financing include Adam Hakim, James Murad and Michael Winter. Two sales facilitators from the same brokerage assisted with the acquisition from a joint venture of two family offices.
Market participants arranging the deal pointed to the property’s location on Queens Boulevard and the limited pipeline of new multifamily supply in the outer boroughs as key reasons lenders supported the project. Observations from arrangers indicate that demand for rental units in the outer boroughs exceeds incoming supply, and that many new multifamily projects must now be built under the tax incentive program replacing the old 421a, making profitability more challenging for some developments.
Officials from the lending bank framed the loan as relationship financing to an existing customer and highlighted sustained demand for quality multifamily housing in the New York market. The developer did not immediately provide comments on the closing.
Local market data cited by deal participants show average rents in Woodside have risen by more than 20 percent over the past three years, while vacancy rates are reported to be under 3 percent. These trends were attributed largely to a constrained development pipeline in the neighborhood.
The lender and developer transaction comes in a week when the same developer secured other sizable construction financing for New York projects. Earlier financing includes a $73 million construction loan for an 18‑story Upper East Side site that will deliver 24 luxury condominium units across about 81,000 square feet, and a $125 million package for a 23‑story, 190‑unit condominium project in Long Island City. The developer also closed earlier construction debt for a mixed‑use project in Midtown the prior year.
Woodside continues to attract projects across scales, including a recently filed plan for a separate 253‑unit building elsewhere on Queens Boulevard, signaling broad developer interest in the corridor.
The loan enables a mid‑rise multifamily project that aims to tap strong transit access and neighborhood rent growth while adding limited retail and lifestyle amenities. The deal reflects persistent lender appetite for multifamily opportunities in transit‑oriented outer‑borough locations, offset by tighter tax‑incentive regimes and a constrained new‑build pipeline that keeps vacancy rates low and rents rising in neighborhoods like Woodside.
The construction financing package totals $66.1 million, provided by the lending institution behind the deal to support the project at 64‑11 Queens Boulevard.
The developer is operating under the name ZD Jasper Realty, and the planned building will contain 175 residential units across 14 stories.
Planned features include a fitness center, a pickleball court, a golf simulator, ground‑floor retail of approximately 11,000–11,318 square feet, and limited below‑grade parking (reported as 29 spaces in one account).
The project is slated for completion within 30 months from the time the construction financing was provided.
Woodside has seen average rents climb by over 20 percent in recent years with vacancy below 3 percent, reflecting constrained new supply. Transit access and limited multifamily pipelines in the outer boroughs helped attract lender support for this deal.
| Feature | Detail |
|---|---|
| Address | 64‑11 Queens Boulevard, Woodside, Queens, NY |
| Lender | First Citizens (construction financing) |
| Borrower / Developer | ZD Jasper Realty |
| Loan amount | $66.1 million |
| Site acquisition price | Approximately $18.6 million |
| Stories | 14 |
| Residential units | 175 |
| Retail | About 11,000–11,318 sq ft |
| Parking | Below‑grade; reported 29 tenant spaces |
| Amenities | Fitness center, pickleball court, golf simulator |
| Completion timeline | Within 30 months |
| Transit | Steps from the 7 subway line and Woodside LIRR |
| Financing arrangers | Ripco capital markets team members and sales facilitators credited in the transaction |
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