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Permits & development · Owners & management · Deals & development · 10/22/2026

ZD Jasper Lands $90.8M Inventory Loan for Hell's Kitchen VITA Condos

Jasper Wu's ZD Jasper secured a $90.8 million condo inventory loan from debt fund Derby Copeland Capital for VITA, a pair of 11- and 12-story buildings in Hell's Kitchen. The loan helps retire a 2023 construction loan. Wu bought the site from Extell Development in 2022 for $52 million.

Reported by The Real Deal · New YorkRead the original ↗

Photo: The Real Deal

What happened

Developer Jasper Wu's ZD Jasper has secured a $90.8 million condo inventory loan for VITA, its two-tower condo development at 499 and 501 Ninth Avenue in Hell's Kitchen. The Real Deal reported the deal on October 22, 2026, citing the brokers. The headline rounds the figure to $90 million. The article text gives $90.8 million.

The lender is Derby Copeland Capital, a debt fund founded in 2015 by former Cushman & Wakefield broker Jesse Hutcher. Arrow Real Estate Advisors arranged the financing. The new loan helps pay off a $117.5 million construction loan that Maxim Capital Group provided for the project in 2023.

VITA is a pair of 11- and 12-story buildings with 106,500 square feet of residential space across 121 apartments. ZD Jasper has sold 20 of them. The new loan is secured by 85 units. Morris Betesh of Arrow said the financing lets the developer sell the remaining units "at a measured pace."

Wu bought the site from Gary Barnett's Extell Development in 2022 for $52 million, along with nearby properties at 434 West 37th Street and 429 West 36th Street. Representatives for ZD Jasper and Maxim Capital Group could not be reached for comment, according to The Real Deal.

Key facts

Address
499 and 501 Ninth Avenue, Hell's Kitchen, Manhattan
Developer
ZD Jasper (Jasper Wu)
Loan
$90.8 million condo inventory loan from Derby Copeland Capital
Loan being paid off
$117.5 million construction loan from Maxim Capital Group (2023)
Buildings
Two buildings, 11 and 12 stories, 106,500 sq ft residential
Units
121 apartments; 20 sold; loan secured by 85 units
Site purchase
$52 million from Extell Development in 2022
Reported
The Real Deal, October 22, 2026

What it means

Buyers and owners

The loan gives the developer time to sell the remaining condos over a longer period instead of all at once. Buyers should not assume the developer is under pressure to cut prices quickly.

Landlords

This is another example of private debt funds lending on Manhattan residential projects. Small owners weighing a refinance can see that this kind of lender is active in the market.

Tenants and voucher holders

The report describes these as for-sale condos. It does not mention any affordable or income-restricted units, so this project is not shown to be a source of voucher or lottery housing.

The highlights

  1. Derby Copeland Capital made the loan, arranged by Arrow Real Estate Advisors.
  2. The debt helps pay off a $117.5 million Maxim Capital construction loan from 2023.
  3. VITA has 121 units at 499 and 501 Ninth Ave. 20 are sold and 85 secure the loan.

Why it matters Landlords

Lenders are still funding unsold Manhattan condo inventory, a sign developers can take time on sellouts instead of cutting prices.

Not known yet

  • The interest rate, term and other loan conditions
  • Sale prices or asking prices for the units
  • The status of the 16 units that are neither sold nor part of the loan collateral
  • Whether any unsold condos will be rented out while the developer sells

Background

A condo inventory loan is a common tool for New York developers once construction is finished. The lender takes the unsold units as collateral, and the money is used to pay off the larger, usually costlier construction loan. The developer then repays the inventory loan as individual units sell. This lets a developer avoid selling units at a discount just to meet a construction loan deadline.

Summary written by Bulwark from The Real Deal · New York’s reporting. The original story is at therealdeal.com. This is general information, not legal advice.

Read the full story at The Real Deal · New YorkMore NYC housing news

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