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JLL Capital Markets raises $70 million in equity, $181 million in construction financing for 646 11th Ave. in Hell’s Kitchen
NEW YORK, June 18, 2018 — JLL's Capital Markets experts have raised $251 million in equity and debt for CBSK Ironstate for the acquisition and development of 646 11th Ave., a luxury condominium development planned for the Hell's Kitchen neighborhood of Manhattan. The firm raised $70 million in equity from an institutional investor and secured $181 million in construction financing from Deutsche Bank AG.
Vice Chairman Aaron Appel, Managing Directors Keith Kurland and Jonathan Schwartz, Executive Vice President Mark Fisher and Associate Douglas Baillie executed the transaction on behalf of JLL.
"Hell's Kitchen is one of the most vibrant communities in Manhattan and has recently experienced rapid development," said Appel. "The future of the area is being re-shaped with nearly 17 million square feet in retail, commercial and residential space underway. This transaction offered the lenders an opportunity to finance one of New York's most experienced residential developers in a project with significant risk mitigation."
The 12-story 646 11th Ave. is located on the east side of the avenue and spans the entire block between 47th and 48th Streets. The project comprises approximately 161,000 net sellable residential square feet, approximately 40,000 rentable square feet of pre-sold retail space, 8,000 square feet of residential amenity space and 60 for-sale storage units.
CBSK Ironstate is a joint venture formed by Charles Blaichman's CB Developers, Scott and Abe Shnay's SK Development and Michael and David Barry's Ironstate Development. The partners have developed more than $1 billion in projects together, including 10 Bond St., 301 East 50th St., Chelsea 29 (221 West 29th St.), The Frontier (200 East 39th St.), The Lindley (591 Third Ave.), POD Brooklyn and The Jefferson (211 East 13th St.).
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 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
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