Skip Ribbon Commands
Skip to main content

News release

New york

JLL secures financing for Bronx multifamily portfolio

NEW YORK, Feb. 26, 2018 – JLL Capital Markets experts today announced the firm secured $41.6 million in financing for the acquisition and renovation of 12 rent-stabilized multifamily properties located at five physical locations in the Bronx, New York. JLL represented the borrower, Quality Communities, LP, a partnership between Taconic Investment Partners and a client of Clarion Partners, LLC. Sterling National Bank provided the loan. Related Companies sold the 97 percent leased portfolio.

Managing Director Jonathan Schwartz, Vice Chairman Aaron Appel, Executive Vice President Mark Fisher and Associate Brian Buglione were the JLL team on the deal.

"The sponsors seized a great opportunity to acquire well-located multifamily product at scale with major upside potential through improvements," said Schwartz. "This was a great lending opportunity that was competitively bid."

Added Chris Balestra, Chief Investment Officer of Taconic, "This portfolio provides us an opportunity to maximize value and create distinguished properties throughout the Bronx. Multifamily demand throughout greater New York is consistently high, and our planned capital improvement program will position us to capture that momentum."

The portfolio provides easy public transit access via several subway lines, bus lines, and/or MTA MetroNorth stops within easy walking distance of each property. They are also close to several major employment centers including Yankee Stadium, Fordham University, the Bronx County Courthouse and Lehman College.

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, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page:

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 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 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