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News release

NEW YORK, NY

Condominium Skyscraper Slated for Midtown Manhattan

JLL secures $725 million in construction financing for 111 West 57th Street


NEW YORK, July 13, 2015 – On behalf of a joint venture between Michael Stern’s JDS Development Group and Kevin Maloney’s Property Markets Group, JLL’s Capital Markets experts today announced the firm has secured $725 million in construction financing for the development of 111 West 57th Street, a 60-unit condominium tower planned to rise 1,438 feet in Manhattan. AIG Investments and Apollo Global Management provided the financing to the development partners, allowing them to refinance a $230 million loan provided by Annaly Capital.
 
Managing Director Aaron Appel and Senior Vice President Michael Diaz led the JLL team on the transaction.
 
“Once completed, 111 West 57th Street will stand out amongst New York’s already iconic skyline,” said Appel. “The unique structure of this transaction, backed by truly the best-in-class sponsorship, demonstrates the strength of the condominium market and is the kind of strategic, innovative work that makes this business so compelling.”
 
The project calls for an 80-story tower that will feature 60 condominium units. Pegged “the slenderest tower in the world,” the building will be developed in the existing Steinway Hall.
 
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.