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Case Study

Innovative financing secured for New York condominium skyscraper development

The unique structure of this transaction, backed by truly best-in-class sponsorship, demonstrates the strength of the condominium market.

While Manhattan has experienced a notable condominium construction boom, 111 West 57th Street is in a league of its own. The project involves a conversion of the landmarked Steinway Hall and adjoining vacant lot into a super-luxury condominium development; a joint venture between Michael Stern's JDS Development Group and Kevin Maloney's Property Market's Group.

JLL's New York-based Capital Markets experts worked with the development partners to navigate the complexities around securing debt for a historical landmark. In July 2015, the team secured $725 million in construction ($400) and mezzanine ($325) financing for the development of 111 West 57th Street. AIG Investments and Apollo Global Management provided the financing, allowing the clients to refinance a $230 million loan provided by Annaly Capital.

The project's sponsorship is self-performing the construction, which is virtually unheard of for a building of this magnitude. The development represents the only project on its corridor that is fully funded by domestic capital – a rarity in the world's top gateway market for foreign capital.

Upon completion, the tower will rise 1,438 feet on 'Billionaire's Row,' offering unobstructed, sweeping views of Central Park and Manhattan. Located in the heart of Midtown, the "slenderest tower in the world" will feature 60 units, including a quadplex penthouse apartment and several duplex apartments that incorporate luxury amenities and finishes.

Managing Director Aaron Appel and Senior Vice President Michael Diaz led the JLL team on the transaction.

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