QUEENS, N.Y. & ASTORIA, N.Y. - ColoradoDesk -- ReCap secured a $50 million construction loan – the largest condo ground up construction loan in Astoria, New York, during COVID. Against all odd, with the COVID lock down, slow down of NYC condo market amidst of condo inventory glut, banks not even picking up calls, and piles of foreclosure looming, ReCap was able to secure the construction loan on behalf of our client, Hua Yang Group, for a 200,000 square feet, 143 units, condo development.

To top the scale, ReCap was able to secure the construction at 110% loan to cost: $45 million construction loan plus $5 million cash out. An impossible task and loan structure even during the best of time.

More on Colorado Desk

• Governor Polis Unveils Colorado 150 Art Installations at Eldora Mountain, Jackson Lake State Park
• Colorado Springs Airport Monthly Update — August 2026
• World-Renowned Body Language Expert Mark Bowden Headlines INSPIRE Northwest 2026 in Wenatchee, WA
• Colorado Springs: CSPD and regional partners conclude lengthy investigation leading to arrests in commercial burglary, vehicle theft, and attempted ATM theft cases
• Colorado: Governor Polis, State Officials Celebrate Ribbon Cutting of 54 New Homes Coloradans Can Afford in Frisco

ReCap, with its vast network and strong relationship with lenders, continues to deliver an unparalleled financial structure to support its clients and their business. Johnny Su, Chief Operating Officer of ReCap adds, "As Warren Buffett said It's only when the tide goes out that you learn who has been swimming naked and how good your loan brokers really are." Tomer Dicturel, CEO of ReCap, added that, "no matter rain-or-shine, client can always count on ReCap to be there to back them up and secure them the finance."

Learn more: http://recapny.com/

https://www.linkedin.com/in/johnnysu/