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News release

NEW YORK, NY

Recapitalization for Luxury Residential Building in New York’s East Village

JLL arranges $63M recapitalization financing for Magnum’s 62 Avenue B


NEW YORK, August 25, 2015 — A newly revamped residential building bests the status quo in the East Village community. On behalf of Magnum Real Estate Group, JLL’s Capital Markets experts today announced the firm has secured $63 million in recapitalization financing for 62 Avenue B, an 81-unit residential building which includes market-leading finishes and a full amenity package. Santander provided the $44 million senior loan while TPG provided $19 million in mezzanine financing.

Managing Director Aaron Appel, Senior Vice President Michael Diaz, Vice President Mark Kindrachuck, and Analyst Brian Buglione led the JLL team on the transaction.

“This property is among the top one percent of luxury rental buildings in the East Village,” said Appel. “Located in close proximity to entertainment, transportation, and corporate centers, 62 Avenue B gives residents the ability to live luxuriously in the most coveted city in the United States.  It certainly stirred significant interest from lenders eager to play their part in this prime asset.”

The 81,094-square-foot residential building, known as 62 Avenue B, is located in the heart of East Village. The property features a doorman, rooftop deck, fitness center, and bike storage. A best-in-class building, this property offers an ideal proximity to retail, corporate, and entertainment environments while also providing security and luxury to residents in the East Village.

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 $56.0 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.