Dealmaker: JLL Secures $282M in New York

JLL, Chicago, arranged $281.7 million for New York office and multifamily properties.

On Manhattan’s Lower East Side, JLL Vice Chairman Aaron Appel and Jonathan Schwartz, Executive Vice President Michael Diaz and Analyst Patrick Cotter arranged a $66.7 million construction loan for a nine-story office building to be built at 141 E. Houston Street.

New York YIMBY magazine reported Borrowers East End Capital and K Property Group will demolish a Sunshine Cinema movie theater to build a 63,000-square-foot office property on the site. The new property’s seven floors will range from 5,000 to 7,000 square feet and will include 3,300 square feet of ground-floor retail space and two below-grade retail levels.

East End Capital and K Property Group accepted the financing from CapitalSource, Chevy Chase, Md., and Canyon Partners Real Estate LLC, Los Angeles.

Appel and Schwartz also led a team that secured $215 million to refinance Tower 28, a multifamily tower in Long Island City New York’s Queensboro Plaza neighborhood. Associates Matt Collins and Brian Buglione and Analyst Michael Ianno helped with the debt assignment.

Morgan Stanley, New York supplied the loan to Heatherwood Luxury Rentals, New York.

The 58-story Tower 28 at 42-12 28th Street in Queens contains 450 market-rate units with studio, one-, two-, three- and four-bedroom floorplans. Appel noted the property has access to six subway lines, resulting in a 15-minute commute to Midtown Manhattan. With the recent extension of the 7 line to Manhattan’s far west side, Tower 28 residents can reach Hudson Yards in 20 minutes or less.