Dealmaker: JLL Secures $140M in N.Y., N.J.

Jones Lang LaSalle, Chicago , secured $139.5 million  in financing for assets in New York and New Jersey.

JLL executed a $97 million refinancing on behalf of Crown Acquisitions Inc. for the Crown Retail Portfolio, a seven-property portfolio with locations in Brooklyn and Queens. A global investment bank provided the loan.

Managing Director Aaron Appel, Senior Vice President Mark Fisher and Vice President Mark Kindrachuk led the JLL team on the transaction.

“The portfolio features credit-grade tenants with long-term leases in Brooklyn and Queens’ highly trafficked areas,” Appel said. “Driven by experienced sponsorship, this portfolio is well positioned to continue its strong performance.”

The Brooklyn portion of the Crown Retail Portfolio features five Walgreens locations, one TD Bank and one Northfield bank location, all within New York’s third-largest central business district. In Queens, the assets include a CVS and a Duane Reade drugstore and a Planet Fitness location.

In Somerset County, N. J., Castle Lanterra Properties received $42.5 million to acquire and rehabilitate River Park at Raritan, a 224-unit multifamily asset. JLL secured the loan through the Freddie Mac Program Plus Seller/Servicer program and will service the securitized loan.

JLL Senior Vice President Jonathan Schwartz, Appel and Vice President Adam Schwartz placed the debt.

“Somerset County’s extremely low multifamily vacancy rate combined with River Park at Raritan’s tremendous value-add potential drew significant interest from lenders looking to get into a prestigious market,” Jonathan Schwartz said. “This financing provides Castle Lanterra Properties with a high-quality asset with upside rents primed to produce a steady yield.”