JLL Secures $280M for Three Assets
JLL, Chicago, secured $277.9 million for New York City mixed-use, condominium and retail assets.
In Brooklyn, JLL secured $150 million for 10 Jay Street. Acore Capital, Larkspur, Calif., provided the loan to Glacier Global Partners, New York, and Triangle Assets, New York.
The bridge loan will repay existing debt, complete construction and fund future leasing costs at the newly redeveloped 10-story Class A mixed-use asset that sits on the East River waterfront next to the newly developed Brooklyn Bridge Park in Brooklyn’s DUMBO neighborhood.
JLL Managing Director Kellogg Gaines and Executive Vice President Aaron Niedermayer led the debt-placement team, which included former JLL Vice President Dustin Stolly. Stolly told the New York Commercial Observer he plans to open his own brokerage.
“Lenders aggressively pursued this transaction and as Brooklyn continues to attract technology, advertising, media and information tenants, we anticipate capital to remain available for high-end projects there,” Gaines said.
The 221,500-square-foot building, which dates to 1897, is receiving a multi-million dollar overhaul that includes installing an all-glass façade facing the East River. The property has been modernized to cater to technology, advertising, media and information tenants, with ceiling heights ranging from 11 to 16 feet and Manhattan skyline views.
JLL also secured $98.5 million to develop 22-12 Jackson Avenue, a forthcoming 182-unit condominium building in Long Island City’s Court Square neighborhood. JLL represented a partnership between Adam America Real Estate, New York, and Vanke Holdings USA, New York. Bank Leumi, Tel Aviv, Israel, provided the loan.
Managing Directors Aaron Appel and Keith Kurland and Senior Vice President Michael Diaz led the JLL team on the deal.
“Developers recognize the enormous potential for Long Island City as residents look for a more affordable option with direct access to Manhattan,” Appel said. “Construction financing continues to be available for high-end developments that have experienced sponsors who have pin-pointed consumer demand.”
The proposed building will stand 11 stories tall with 5,000 square feet of ground-floor retail space when completed.
In Manhattan, Appel, Diaz and JLL Managing Director Jonathan Schwartz secured $29.4 million to allow East End Capital and K Property to acquire and rehabilitate Sunshine Theater on East Houston Street. Acore Capital provided the five-year loan.
“This is a prime retail location with excellent frontage on Houston Street,” Schwartz said. He noted the sponsors have experience creating engaging spaces in buildings that need to be updated and said the financing will allow them renovate in a value-add property in a highly visible area.
The 29,200-square-foot building sits at the cross-section of SoHo, East Village and the Lower East side.
