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News release

New York, NY

JLL secures $150 million in bridge financing for 10 Jay Street


​JLL's Capital Markets experts today announced the company secured $150 million in bridge financing on behalf of Glacier Global Partners, a New York-based real estate investment firm, and Triangle Assets. Acore Capital provided the loan which will be used to repay existing debt, complete construction and fund future leasing costs at the newly redeveloped 10 Jay Street, a 10-story Class A mixed-use asset. The building sits on the waterfront of the East River at the entrance of the newly developed 85-acre Brooklyn Bridge Park in Dumbo, Brooklyn.​

Managing Director Kellogg Gaines and Executive Vice President Aaron Niedermayer led the JLL team on the financing, along with Dustin Stolly, formerly of JLL.

"Not only does 10 Jay Street boast an irreplaceable waterfront location, but Glacier and Triangle have created a truly exceptional building that balances a modernized design with Dumbo's industrial heritage," said Gaines. "Lenders aggressively pursued this transaction, and as Brooklyn continues to attract technology, advertising, media and information (TAMI) tenants, we anticipate capital to remain available for high-end projects there."

The 221,501 square foot building, which dates back to 1897, is in the final stages of a multi-million dollar overhaul that includes installing an all-glass façade facing the East River. The property has been modernized to cater to TAMI tenants, with ceiling heights ranging from 11 to 16 feet, highlighting views of the water and Manhattan's skyline.

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.