Winspire Development Secures $36M for Long Island City
BridgeCity Capital provided construction financing for a new 41-unit condominium project in Queens.
Updated on Oct. 21, 2026 in Construction
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Winspire Development has secured $36.2 million in construction financing for a new project located at 10-56 46th Road in Long Island City. The planned development will feature 41 residential units and ground-floor retail space.
Why it matters
The financing injection allows Winspire Development to proceed with a project totaling 57,670 gross square feet, contributing to the ongoing residential growth of the Long Island City neighborhood.
The project spans 57,670 gross square feet and includes 41 residential condominiums. Arrow Real Estate Advisors served as the negotiator for this $36.2 million construction debt.
The players
Winspire Development
Winspire Development is a real estate firm responsible for the acquisition and construction management of the 10-56 46th Road site.
BridgeCity Capital
BridgeCity Capital is a financial institution that provides capital solutions and debt financing for large-scale real estate development projects.
Arrow Real Estate Advisors
Arrow Real Estate Advisors is a consultancy firm that specializes in negotiating debt and equity financing for commercial and residential developers.
The details
The development at 10-56 46th Road represents a significant addition to the Queens housing market. The site is expected to be completed in spring 2028.
Timeline
October 21, 2026: Financing announcement for the condo project.
spring 2028: Scheduled completion of the condo project.
Market Landscape
This development follows the Long Island City residential development surge, underscoring the neighborhood's status as a hub for new condo construction. The influx of capital signals continued developer confidence in the area despite fluctuating market conditions.
Residents and potential buyers in the area should expect construction activity at the 46th Road site to ramp up in the coming months. The completion of this project in 2028 will increase the local housing stock by 41 units, potentially impacting future inventory levels.
The takeaway
Securing construction financing is a critical milestone that allows developers to transform dormant urban lots into residential inventory. Prospective buyers should monitor project timelines as they approach the 2028 completion target.
Further reading
For more on local development trends, visit New York City Construction.
Source note: This article includes information reported by Commercial Observer.
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