VAULT Development, Borough Equities and TLM secure $17M loan
JLL Capital Markets secures funding for 15,313-square-foot multi-housing development at 66 Clinton St.
NEW YORK, November 18, 2020 — JLL Capital Markets announced today that it has arranged $17 million in construction financing for the development of 66 Clinton St., a 12-unit condominium project in the heart of New York City’s Lower East Side. The project is slated for completion December 2021.
JLL worked on behalf of the borrowers, Vault Development, Borough Equities and TLM, to secure the construction loan through Kriss Capital.
The eight-story project will include one- and two-bedroom units, and two three-bedroom penthouses. Each floor of the building will offer rear-facing balconies, and amenities include a recreation lounge with access to a garden that can be used by residents for private events, a private roof deck on the eighth floor and a large fitness center facing the rear yard.
Located in Manhattan’s Lower East Side, the building is in close proximity to neighborhood hot spots including Essex Crossing, an expansive live-work-play development, and some of Lower Manhattan’s best dining, shopping and nightlife options. The property is also near the D, B and F subway lines.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Max Herzog, Senior Director Marko Kazanjian and Associate Matt Fagella.
“This project is uniquely designed to deliver affordable luxury living without compromising high design,” said Herzog. “At least 50% of units will be listed for under $2.0 million, capitalizing on a proven price point that generates sales velocity.”
Herzog continues, “This type of product along with strong sponsorship and a premier location allowed our team to procure reasonable construction financing terms despite the current challenging lending market. Kriss Capital was excellent to work with; we closed on the initial terms and in the necessary timeframe without any hiccups.”
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 investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.