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JLL secures $28.2 million in bridge financing for 556 W. 126th St.
JLL's Capital Markets experts today announced the firm secured a $28.2 million bridge loan on behalf of Thor Equities, LLC for the acquisition and repositioning of 556-566 W 126th St., a mixed-use asset located in New York's Morningside Heights neighborhood. East West Bank provided the financing.
Managing Director Aaron Appel and Executive Vice President Keith Kurland led the JLL team on the transaction.
Built in 1910 and located next to the 125th St. subway in just north of the Upper West Side, 556 W. 126th St. features 58 residential units and five at-grade retail spaces. The surrounding area includes Colombia University and its ongoing construction of the Manhattanville campus.
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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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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 $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 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.