BridgeCity Lends $45M for Long Island City Condos

Century Development Group has nabbed $45 million of construction financing to build a condominium building in Long Island City, Queens, Commercial Observer can first report.

BridgeCity Capital provided the bridge loan for the developer’s planned 66-unit condo property at 45-28 21st Street and 46-21 21st Street in Long Island City’s Hunters Point neighborhood. 

Century Development, led by George Xu, acquired the properties as part of a three-parcel development site in 2022 for $14.2 million, Pincus Co. previously reported.

The 71,000-square-foot condo project, which will also include parking and retail space, is slated for completion in the third quarter of 2026, according to BridgeCity CEO Louis Lebovits. SERHANT is leading sales and marketing efforts for the development.  

Officials at Century Development Group did not immediately return a request for comment.

Arrow Real Estate Advisors arranged the transaction with a team consisting of Morris Betesh, Omar Ferreira and Jacob Petrovic.

The $45 million deal, which closed last Friday, was executed in 17 days from the term sheet process, according to Lebovits. The transaction came on the heels of a $320 million construction loan that BridgeCity and Deutsche Bank supplied for developer Bushburg to undergo an office-to-residential conversion of 80 Pine Street in Lower Manhattan, The Real Deal first reported. 

“These significant transactions showcase our ability to secure substantial funding for key projects and highlight our commitment to supporting development in strategic locations,”  Lebovits said in a statement. “These deals reflect the growing demand for flexible, efficient capital solutions that traditional lenders often can’t provide.”

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