Dealmaker: JLL Arranges $350M Capitalization for New York Residential Tower

(The Italic, Long Island City, N.Y. Illustration courtesy JLL.)

JLL, Chicago, arranged a $350 million debt and equity capitalization to develop The Italic, a 363-unit luxury mixed-use community in Long Island City, N.Y.

When completed, the property at 26-32 Jackson Ave. will include 283,000 square feet of residential space and 10,000 square feet of commercial retail space.

The JLL Capital Markets Debt Advisory team led by Senior Managing Director Christopher Peck and Director Alex Staikos represented borrower American Lions, a joint venture between Fetner Properties and the Lions Group, to secure the loan. JLL Senior Managing Director Rob Hinckley, Senior Director Steven Rutman and Director Nicco Lupo arranged the joint venture equity.

Located at the intersection of Court Square and Queens Plaza, The Italic sits next to dining and retail along the Jackson Avenue retail corridor. The property is within walking distance of the Queens Plaza, Queensboro Plaza, Court Square and Court Square-23rd Street subway stations, providing direct access into Manhattan as well as the outer boroughs. Nearby greenspaces include MoMa PS1, Gantry State Park, Sven Park and Queensbridge Park. Additionally, residents will have access to 11.7 million square feet of office space within the Long Island City market.

The Italic will feature 254 (70%) market-rate units and 109 (30%) affordable units. The unit mix will include studio, one-, two- and three-bedroom floorplans averaging 770 square feet.