Jasper Wu’s ZD Jasper Refinances Hell’s Kitchen Condo
Jasper Wu landed a $90.8 million condo inventory loan for his two-tower VITA development in Hell’s Kitchen.
Wu’s ZD Jasper secured the financing for the project at 499 and 501 Ninth Avenue from Derby Copeland Capital, the brokers on the deal told The Real Deal. Derby Copeland is a debt fund founded in 2015 by former Cushman & Wakefield broker Jesse Hutcher.
The new debt helps to pay off a $117.5 million construction loan that Maxim Capital Group provided for the project in 2023.
VITA’s pair of 11- and 12-story buildings spans 106,500 square feet of residential space across 121 apartments. ZD Jasper has already sold 20 of them, and the condo loan is secured by 85 units.
“This financing gives ZD Jasper Realty the flexibility to execute its sellout strategy at a measured pace while capitalizing on continued demand for high-quality residential properties in Manhattan,” said Morris Betesh of Arrow Real Estate Advisors, which arranged the financing.
Representatives for ZD Jasper and Maxim Capital Group could not be immediately reached for comment.
VITA has been billed as the largest condo in the city designed under passive house standards, targeting efficiency and low energy consumption. The building also includes 16,500 square feet of commercial and community facility space.
Wu bought the development site from Gary Barnett’s Extell Development in 2022 for $52 million, along with a pair of properties nearby at 434 West 37th Street and 429 West 36th Street.
An up-and-coming young developer, Wu joined his father’s Great Neck-based company in 2019 and has expanded its reach from Queens to Manhattan.
Hutcher’s Derby Copeland Capital, meanwhile, provided a $128 million loan to James Ryan’s RYCO Capital in 2024 for its purchase of a portfolio of nine mixed-use buildings in the East Village.
The company also lent Michael and Ed Ostad $98 million last year to buy a portfolio of 26 multifamily buildings in Prospect Heights.
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