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News release

New York, NY

JLL secures $98.5 million loan for 22-12 Jackson Avenue

Construction loan green-lights new Long Island City condo development


​JLL's Capital Markets experts today announced the company secured $98.5 million for the development of 22-12 Jackson Avenue, a forthcoming 182-unit condominium building in Long Island City's Court Square neighborhood. JLL represented a partnership between Adam America Real Estate and Vanke Holdings USA. Bank Leumi provided the loan.

Managing Directors Aaron Appel and Keith Kurland, and Senior Vice President Michael Diaz led the JLL team on the deal.

"Developers recognize the enormous potential for Long Island City as residents look for a more affordable option with direct access to Manhattan," said Appel. "Construction financing continues to be available for high-end developments that boast experienced sponsors who have pin-pointed consumer demand."

The proposed building will be 11 stories with 5,018 square feet of ground floor retail space. Its location in Long Island City puts it just 10 minutes from Grand Central Station and 15 minutes from Times Square via the 7 train.

The building will feature units ranging from studios to three bedrooms, some of which will include outdoor terrace space.

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 2016 alone, JLL Capital Markets completed $136 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 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 the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 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.