A rendering of the proposed 67-story Court Square City View Tower in Long Island City, Queens. A rendering of the proposed 67-story Court Square City View Tower in Long Island City, Queens.

NEW YORK CITY—The development team led by Chris Xu’s United Construction & Development has closed on a $502-million construction loan from JP Morgan and a syndicate of other lenders for its proposed 67-story mixed-use building in Long Island City.