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JLL secures $600M refinancing loan for HFZ portfolio
Capital remains available for high-quality multifamily assets, especially in robust markets like New York City, as residents continue to drive demand for luxury product. JLL's Capital Markets experts today announced the firm has secured $600 million in refinancing for a four-property portfolio of Manhattan condo buildings owned by HFZ Capital Group. JPMorgan Chase and Oaktree Capital provided the loan.
Managing Directors Aaron Appel and Jonathan Schwartz and Senior Vice President Mark Fisher led the JLL team on the financing.
"High-quality assets and a well-respected sponsor attracted institutional lenders," said Appel. "This refinancing enables the sponsor to redesign common areas and provide even more luxurious amenities for residents in all four properties."
The 495-unit portfolio consists of four condominium buildings: 301 West 53rd Street, 88 Lexington Avenue, 90 Lexington Avenue and 235 West 75th Street. The 578,050-square-foot portfolio's proximity to the city's most prominent landmarks and several major subway lines gives residents convenient access to popular attractions and an array of transportation options.
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. JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 70,000. On behalf of its clients, the company 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. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 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.
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