$55M in joint venture equity for multi-housing project in Queens

JLL Capital Markets represented Cape Advisors, securing equity capital for the multi-housing development 

August 03, 2020

NEW YORK – AUG. 3, 2020 – JLL Capital Markets announced today that it has secured $55 million in joint venture equity for Cape Advisors’ 30-77 Vernon Blvd in Astoria, Queens.

JLL worked on the behalf of the borrower, Cape Advisors, to secure the joint venture equity.

The three-building, 534-unit property, located on a 2.5-acre waterfront site overlooking Manhattan, is one of the largest multi-housing developments in the city’s five boroughs. 

Astoria is one of New York City’s most vibrant neighborhoods, with world-class dining, shopping and nightlife within walking distance of the property. 30-77 Vernon Boulevard is also conveniently located in close proximity to public transportation options, including the Astoria East River ferry stop, the R and W subway lines and a variety of bus lines.

The JLL Capital Markets team representing the borrower was led by Vice Chairman Stephen Palmese, Managing Directors Rob Hinckley and Jeffrey Julien, Vice President Nicco Lupo and Senior Director Steven Rutman.

“30-77 Vernon Boulevard is uniquely positioned to accommodate New York City renters seeking abundant space, top of the line amenities and extraordinary waterfront views,” said Hinckley.

“Overlooking the East River and Manhattan, the property offers the best of Astoria and easy access to all of New York City from the adjacent ferry stop,” added Palmese.

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 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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About JLL

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, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Cape Advisors

Cape Advisors is a New York-based real estate development, investment and a management firm with extensive experience in residential, commercial, retail and hospitality projects. Since 1995 Cape Advisors has brought insight, integrity and expertise to nearly $3 billion in development. Cape’s projects range from residential and hospitality to retail and commercial, as well as the ownership and operation of restaurants, bars and retail venues. From ground up high-rise Manhattan construction to historic preservation and adaptive re-use, each complex collaboration reflects the innovative design and creative transformation of place that makes Cape Advisors unique.