ZD Jasper Secures $90.8 Million VITA Condo Loan

The New York City developer refinances its Hell's Kitchen project to support a condo sellout strategy.

Updated on Oct. 23, 2026 in Commercial

A modern glass and masonry residential building in New York City viewed from street level under bright afternoon sunlight. — Developer ZD Jasper secured a $90.8 million condo inventory loan for the VITA project in Manhattan’s Hell's Kitchen neighborhood this week. AI Illustration. Upload story photo >

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Developer ZD Jasper has secured a $90.8 million condo inventory loan for the VITA development located at 499 and 501 Ninth Avenue in Manhattan. The new financing replaces a $117.5 million construction loan previously provided by Maxim Capital Group.

Why it matters

The financing allows the developer to pay off existing construction debt while facilitating the ongoing sale of units in the two-building project. This move supports the execution of a long-term condo sellout strategy for the Hell's Kitchen property.

The VITA development comprises 121 apartments across 11- and 12-story buildings, featuring 16,500 square feet of commercial and community space. Of the total inventory, 85 units secure the new loan, with 20 apartments already sold.

The players

ZD Jasper

A New York City-based real estate development firm led by the Wu family.

Jasper Wu

A principal at ZD Jasper who spearheaded the acquisition of the VITA site in 2022.

Derby Copeland Capital

A financial firm founded in 2015 that provided the new inventory loan for the project.

Maxim Capital Group

A private lending firm that provided the initial $117.5 million construction financing for the project in 2023.

Arrow Real Estate Advisors

A real estate advisory firm that arranged the new financing deal for the developer.

The details

Arranged by Arrow Real Estate Advisors, the inventory loan provides the necessary liquidity for the project as the firm works to move its residential units. The site was originally acquired by Jasper Wu from Extell Development for $52 million in 2022.

2015: Derby Copeland Capital was founded.
2019: Jasper Wu joined his father's company.
2022: Jasper Wu purchased the VITA development site.
2023: Maxim Capital Group provided construction financing.
October 2026: ZD Jasper secured the condo inventory loan.

Culture Shift

This development reflects the broader trend of developers pivoting to inventory loans to manage post-construction debt in the New York City market. The project follows the standard industry pattern of transitioning from construction financing to inventory loans to support long-term sellout.

Residents and prospective buyers in Hell's Kitchen may see an increase in sales activity as the developer moves to finalize the condo sellout. The presence of these new units, along with 16,500 square feet of community facility space, could shift local retail options in the coming months.

The takeaway

Developers often utilize inventory loans to bridge the gap between construction completion and total sellout. This financial structure helps stabilize project debt as individual units are transitioned from the developer to private owners.