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News release

NEW YORK, NY

Strong Office Demand Drives Brooklyn Development Financing

JLL secures $44.3 million acquisition and pre-development financing for 263-277 South Fifth Street


NEW YORK, March 31, 2016 – As Brooklyn’s office market continues to experience strong demand, JLL’s Capital Markets experts today announced the firm has secured $44.3 million in acquisition and pre-development financing on behalf of Tavros Development Partners and Charney Construction & Development. Bank of the Ozarks provided the loan for the 41,815-square-foot, fully entitled land assemblage at 263-277 South Fifth Street. The owners plan to develop a mixed-use asset on the site.

Managing Director Aaron Appel and Senior Vice Presidents Jonathan Schwartz and Mark Fisher led the JLL team on the financing.

“Limited office and multifamily development opportunities in Manhattan continue to drive investors and developers to Brooklyn where experienced sponsors are finding opportunities to take advantage of high yields and a lower barrier-to-entry,” said Appel. “This financing allows our client to wisely invest in this trend at an opportune time”

The mixed-use development will be comprised of ground-level retail space, office and multifamily space. It is located in the Williamsburg submarket, which has seen a 116 percent increase in building permits since 2013. The development is just one block away from the Marcy Avenue subway station and three blocks from retail centers on Bedford Avenue.

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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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 $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.​