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News release

New York

JLL secures $220M loan for redevelopment of landmark Brooklyn building

‘The Dime’ set to become one of Williamsburg’s most visible projects

NEW YORK, Dec. 18, 2017 – JLL's Capital Markets​ experts today announced the company secured $220 million in financing to redevelop the landmarked Dime Savings Bank Building in Williamsburg, New York. The loans, secured on behalf of Tavros Capital Partners and Charney Construction, will be used to turn the century-old building into one of the tallest developments in Williamsburg. ​

Square Mile Capital provided a $150 million senior loan and Everwest Real Estate Partners provided $70 million in mezzanine financing. The loans carry a three-year term and are floating rate.

The development, dubbed The Dime, will include a redevelopment of the landmarked bank building and a ground-up development encompassing nearly a full block. It will reach 23 stories and include about 100,000 square feet of office, nearly 60,000 square feet of retail and 177 multifamily units.

JLL Vice Chairman Aaron Appel, Managing Director Jonathan Schwartz, Executive Vice President Mark Fisher and Associate Doug Baillie led the JLL team on the financing.

"South Williamsburg is primed for a renaissance as large mixed-use developments are already underway and pricing vacancy pressure in Manhattan continues to push businesses and residents into this vibrant neighborhood," said Appel. "This project will overhaul nearly an entire block."

Added Schwartz, "The sponsors on this deal are experienced and presented a clear vision of where to take this development. The demand is there for high-end mixed-use properties in Williamsburg, and we continue to find lenders who are interested in being a part of the area's exceptional growth."

The development will benefit from its proximity to the Marcy Avenue subway station, which provides access to the J, M and Z lines. The Dime will also be less than a five-minute walk from the Domino Sugar Refinery development that, when finished, will include 2,300 apartments and nearly 500,000 square feet of commercial 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 $145 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 $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 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