BridgeCity Capital Provides $36.2M for Long Island City Condo Project

Winspire Development has obtained $36.2 million in construction financing for a planned 41-unit condominium building at 10-56 46th Road in Long Island City, Queens. Brooklyn-based BridgeCity Capital supplied the loan, and Arrow Real Estate Advisors negotiated the debt on the developer's behalf.

The site sits roughly a mile southwest of Winspire's Mason LIC condominium project at 40-46 24th Street, which opened in late 2024 and has sold all 42 units. The new 57,670-gross-square-foot building will also include ground-floor retail space and is slated for completion in spring 2028. It sits near the corner of 46th Road and 11th Street.

BridgeCity's director of originations described Winspire as a repeat borrower with a proven track record and pointed to the continued strength of the Long Island City market as a factor in the lender's confidence. Winspire did not immediately respond to a request for comment.

For developers and lenders, the deal shows continued capital availability for new-construction condos in Long Island City when sponsors have a completed, sold-out track record in the same submarket.