Chris Xu secures $502M construction loan for tallest condo in Queens
Financing came from a group of banks including JPMorgan Chase
Developer Chris Jiashu Xu scored a loan worth over half a million for his record-breaking Long Island City condo project at 23-15 44th Drive.
The $502 million construction loan came from a group of banks including JPMorgan Chase in a deal brokered by Meridian Capital Group, according to the Wall Street Journal. When completed, Xu’s 67-story building will be the tallest in Queens and will consist of 802 units.
The total cost for the project, known as Court Square City View Tower, is pegged at $700 million. Xu’s partners on the development include FSA Capital’s Brian Pun, Hong Kong developer Risland U.S. Holdings LLC and Henry Yeung. Xu