JLL Secures $41M in New York, North Carolina

JLL, Chicago, secured $33.2 million in recapitalization financing for 251 First Street, a development site in Brooklyn’s Park Slope neighborhood.

Adam America Real Estate and Slate Property Group, both headquartered in New York, sold the parcel to Vanke Holdings, Shenzhen, China, in a deal that JLL brokered. Bank of the Ozarks, Little Rock, Ark., provided the construction financing.

Vanke Holdings plans to build an 11-story, 45-unit condominium on the site. Vanke will retain Adam America Real Estate and Slate Property Group as operating developers.

JLL Managing Director Aaron Appel and Executive Vice President Keith Kurland led the JLL team. Appel said strong sponsorship and strong demand for high-end condominiums in Park Slope led to widespread interest in the deal.

When the property opens in the third quarter of 2016 it will encompass more than 54,000 square feet of condominium space and nearly 5,000 square feet of retail and community space.

JLL also secured $8.2 million in FHA financing on behalf of Century Care Management for Crystal Bluffs Rehabilitation and Health Care Center, a 92-bed skilled nursing facility in Morehead City, N.C.

Joel Mendes, senior vice president with JLL, led the debt-placement team. He said HUD approved the loan within 17 days of underwriter assignment.

“Such a quick underwriting approval from HUD indicates an exceptional asset, operator and submission package, as well as the competence and commitment within HUD’s LEAN team,” Mendes said. 

Century Care Management President Bob Gilliam said the 232/223(f) loan allowed the firm to lock in a low fixed interest rate for 35 years, “bringing additional stability to our company during a time of national debate on health care policy.”