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News release

New York

Financing Secured for 227 West 61st Street

JLL secures $60 million in refinancing


​​​​NEW YORK, Feb. 15, 2017 – JLL's Capital Markets experts, in conjunction with Walter & Samuels, Inc., today announced they partnered to secure $60 million in refinancing for 227 West 61st Street, located in Manhattan's Upper West Side. The property, owned by an investment group headed by Walter & Samuels Chairman David I. Berley, was formerly home to The New York City Beacon High School.  Itnow houses West End Secondary School, a notable and critical new public middle school. Allegiant Real Estate Capital provided the 10-year, interest only loan.​

Managing Director Dustin Stolly and Senior Vice President Brett Rosenberg led the JLL team on the financing. Senior Executive Managing Director and Principal Peter Weiss led the Walter & Samuels team.

"Walter & Samuels is a full-service real estate company that's been in business for more than 80 years," said Weiss. "While we act as mortgage brokers for a large portfolio of commercial buildings in Manhattan, when it came to this property, with the strong single-tenancy of the NYC public school, we saw an opportunity to partner with JLL to reach beyond our normal pool of lenders and capitalize on this tremendous asset."

"The exceptional sponsorship and credit tenancy at 227 West 61st Street made this an extremely attractive lending opportunity," said Stolly. "This is a critical school location for the City of New York, and it occupies extremely valuable space that benefits from extensive development in the Upper West Side."

The property is fully occupied by the New York City School Construction Authority (SCA). The SCA is currently executing a $20 million capital improvement program that will modernize the school space and upgrade common areas and finishes.​

Located in Manhattan's Upper West Side, the building benefits from surrounding amenities including the recently redeveloped Lincoln Center, the American Museum of Natural History and the Metropolitan Opera House. The building is also less than three blocks from the 59th Street-Columbus Circle subway station, the main transportation hub for the Upper West Side.

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 Walter & Samuels, Inc.

Walter & Samuels, Inc. is one of New York's most long-standing full-service real estate firms. Founded in 1933, the firm specializes in building management, leasing, asset management, financial analysis, coop and condo conversions, construction, and development. In addition to managing over three million square feet of commercial space, Walter & Samuels, Inc. is among the most successful and established converters in Manhattan, where it has performed over 30 major residential cooperative and condominium conversions. For more information, visit www.walter-samuels.com.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.