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News release

NEW YORK, NY

JLL Arranges $154M Construction Loan for Prime Multifamily Development in Queens

Heatherwood Communities to develop Long Island City’s tallest high rise in Court Square


NEW YORK, June 29, 2015 – Capitalizing on the fundamental strength of Manhattan’s submarkets, lenders and investors alike are increasingly drawn to new multifamily developments.  On behalf of Heatherwood Communities, JLL’s Capital Markets experts today announced the firm has arranged $154 million in construction financing for the development of 42-12 28th Street, located in Long Island City, Queens, New York.  PNC Bank N.A. as sole lead arranger and administrative agent is syndicating the loan with Santander and Union Bank for the 58-story, high-rise multifamily building. 
 
Managing Director Aaron Appel and Vice President Jonathan Schwartz led the JLL team on the financing.
 
“This is going to be among the tallest towers in Long Island City once it’s delivered in 2017, and one of the best multifamily assets in the Queens submarket thanks to the market-leading vision of Heatherwood Communities,” said Appel.  “Lenders were drawn by the strong demand in one of the nation’s premier housing markets, as well as the prime location in Court Square, directly across the East River from Midtown, Manhattan.”
 
The development will be a Class A+ 477-unit multifamily property featuring 328,834 net residential square feet, 5,878 square feet of retail space and 16,123 square feet of dedicated amenity space. Individual units will offer upscale modern finishes and top of the line appliances along with sweeping views of Manhattan.  The project will also feature a 2nd floor garage with 46 parking spaces.  The property is located just off Jackson Avenue, with convenient access to multiple subway lines.
 
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com