Dealmaker: JLL Arranges $428M for Mixed-Use, Multifamily Properties

JLL, Chicago, arranged $428 million to refinance a Manhattan skyscraper and a Texas mixed-use property.

In Lower Manhattan’s Financial District, a JLL Capital Markets team led by Managing Director Christopher Peck, Senior Director Geoff Goldstein and Associate Kristen Knapp arranged $386 million for 70 Pine Street, a 66-story, one-million-square-foot Art Deco-style mixed-use tower.

A joint venture between DTH Capital and Rose Assocs. received a five-year floating-rate loan from Goldman Sachs. Loan proceeds refinanced the construction financing that funded the property’s redevelopment.

The subject property includes 612 rental apartment units, a 132-room Lyric Hotel and 30,500 square feet of retail space leased to Black Fox Coffee, Blue Park Kitchen and gourmet grocer City Acres. The property also houses two restaurants, including Crown Shy.

The property, which dates to 1932, formerly served as the global headquarters for both CITGO and AIG.

JLL also arranged $42 million to refinance Century Square, a 60-acre master-planned mixed-use environment with 159,000 square feet of retail and 57,200 square feet of office space adjacent to Texas A&M University in College Station, Texas. Senior Managing Director Colby Mueck led the debt placement team with Managing Directors Timothy Joyce and Stephen Skok and Analysts Stuart Hepler, Katherine Miller and Charlie Strauss.

Funds managed by Ares Management Corp.’s Real Estate Group provided a non-recourse loan to a partnership between Houston-based Midway Cos. and Harrison Street Real Estate, Chicago.

Completed last year, Century Square is the first walkable, urban mixed-use environment in the Brazos Valley. It also contains two boutique hotels totaling 303 rooms and a 249-unit Class A multifamily property that were not included in the financing.