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.

The financing was provided by JP Morgan and a syndicate of domestic and international banks and was brokered by Meridian Capital Group of New York City. Morris Betesh, a financing broker at Meridian Capital Group, negotiated the construction loan for the project that will feature 802 luxury condominiums and ground floor retail space. The borrower was represented by attorney Herrick Feinstein, LLP.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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