ZL Capital signs $29M construction loan with Bank Leumi for 51-unit development in LIC

ZL Capital through the entity Zl 2720 LLC as borrower signed a new construction loan with lender Bank Leumi valued at $29 million for the 51-unit development at 27-20 42nd Road in Long Island City, Queens.
The deal closed on December 1, 2021 and was recorded on December 29, 2021.
The loan price per buildable square foot is $586 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on August 28, 2020, for $15.5 million.
The signatory for ZL Capital was Yu Liu. The signatory for Bank Leumi was Oren Sapirstein.
(421133213) Plans for a 51-unit, 39,442 square-foot R-2 were filed on September 4, 2020 and were permitted on September 7, 2021.
The loan includes $5.85 million in acquisition refinancing. Yu Liu is founder and managing partner of ZL Capital.

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