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.
First Citizens Bank has provided a $66.1 million construction financing package to ZD Jasper Realty for a planned 14‑story, 175‑unit multifamily building at 64‑11 Queens Boulevard in Woodside, Queens. The financing closed concurrently with the developer’s acquisition of the site, purchased for roughly $18.6 million.
The loan will fund construction of a mixed‑use tower featuring residential units across 14 floors and ground‑floor retail space estimated between 11,000 and 11,318 square feet. The project also includes below‑grade parking, reported as 29 tenant spaces intended for a small share of residents. The development is scheduled for completion within 30 months from the start of construction.
The site sits steps from major transit, with immediate access to the 7 subway line and the Woodside Long Island Rail Road station. That location was cited as a primary draw for lenders evaluating the deal, supported by limited new multifamily supply coming online in the outer boroughs.
Planned resident amenities include a fitness center, a pickleball court and a golf simulator. The project includes a tax abatement tied to earlier affordable‑housing rules under the former program that has since been replaced, with a portion of units designated as affordable to qualify for that abatement.
Financing arrangers noted that strong local demand and constrained multifamily supply in outer borough neighborhoods made the project attractive to lenders. Market participants also pointed to increased development costs and changes to affordable‑housing incentive programs that have made many new multifamily projects harder to underwrite without favorable locations and preexisting credits.
The construction loan was arranged by a capital markets team at the brokerage that facilitated the financing. Team members credited on the transaction include three capital markets professionals, and two brokers from the same firm facilitated the site sale from a joint venture between two family offices. Developer officials did not immediately provide comment on the transaction.
In the same reporting period, the developer secured additional construction financing for several other New York projects, including a mid‑rise Upper East Side site and another large development in Long Island City. Previous construction loans for other projects by the developer were also noted in recent months, illustrating a pipeline of activity across Manhattan and the boroughs.
Local market data cited alongside the deal point to rising rents and very low vacancy in Woodside, with average rents reported to have risen more than 20 percent over three years and vacancy below 3 percent. Observers attribute tight vacancy to a constrained development pipeline in the area. Separately, other developers have filed plans for additional multifamily projects nearby, signaling continued interest in the neighborhood.
With financing and site acquisition in place, the project is expected to move into construction in the near term and aims to reach completion in about 30 months. The loan structure and development timeline will be subject to standard construction milestones, permitting and market conditions throughout the buildout.
The development is a planned 14‑story multifamily tower with 175 residential units and roughly 11,000–11,318 square feet of ground‑floor retail.
A major regional bank provided a $66.1 million construction loan to the developer ZD Jasper Realty.
The project sits at 64‑11 Queens Boulevard in Woodside, Queens, within walking distance of the 7 subway line and the Woodside LIRR station.
The project is slated for completion within approximately 30 months from the start of construction.
Part of the unit mix was designated as affordable under a prior incentive program, allowing the development to qualify for a tax abatement under that program’s rules.
A capital markets team at the arranging brokerage handled the construction financing, while two brokers from the same firm facilitated the site sale from a joint venture of family offices.
| Feature | Details |
|---|---|
| Address | 64‑11 Queens Boulevard, Woodside, Queens |
| Developer | ZD Jasper Realty |
| Lender | First Citizens Bank (construction financing) |
| Loan amount | $66.1 million |
| Building size | 14 stories, 175 units |
| Retail | ~11,000–11,318 sq ft ground‑floor retail |
| Parking | 29 below‑grade tenant parking spaces (reported) |
| Amenities | Fitness center, pickleball court, golf simulator |
| Transit | Steps to 7 subway line and Woodside LIRR |
| Site acquisition price | Approximately $18.6 million |
| Completion target | About 30 months |
| Financing arranger | Ripco Real Estate capital markets team (arranged the loan) |
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