What is the ruling of Islamic law on borrowing money with interest for construction, and is zakat obligatory for the years in which the property is rented to the financier?

Usury is one of the major sins that are forbidden except out of necessity, and there is no necessity to buy commercial land with a usurious loan. If you did not know of its prohibition, then there is no sin upon you. However, after knowing, it is not permissible to take another usurious loan except out of necessity. You must repent from this sin. What must be paid to the bank is the principal of the loan without the usurious interest, and if you are forced to pay it, there is no sin. The building and its income are permissible.

As for Zakat (definition): If you received the value of the usurious loan as an advance payment for four years, then Zakat is due on it every time a year passes over it and it reaches the nisab (definition). If you dispose of it before the year passes, then there is no Zakat on it.