Ramrock Real Estate and Mequity Companies secure construction loan
JLL Capital Markets secures $35.1M in financing for the adaptive re-use of 41-47 E 21st St.
NEW YORK, February 17, 2021 — JLL Capital Markets announced today that it has arranged $35.1 million in financing for the redevelopment of 41-47 E 21st St., a parking facility in New York City’s Flatiron District, into a state-of-the-art, Class-A, climate-controlled self-storage facility.
JLL worked on behalf of the borrowers, Ramrock Real Estate and self storage developer Mequity Companies, to place the loan with an affiliate of Cerberus Capital Management (“Cerberus”).
The eight-story project will offer 64,360 rentable square feet of space, state-of-the-art security, and access control with online and touchless rental options. 41-47 E 21st St. will have two off-street, enclosed, truck-sized loading bays, as well as a smaller backup loading area. In addition, ownership will construct two new elevators and new building systems, including sprinklers, plumbing, electric, HVAC and roofing.
41-47 East 21st St. is located on 21st Street between Park Avenue South and Broadway in the Flatiron District. The neighborhood is home to numerous amenities, including a variety of restaurants, historic sights, shopping, specialty stores, and entertainment. The property is just two blocks from the 23rd Street Subway Stations that serve the 4, 6, N, Q, R, W, F and M subway lines.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Steve Klein and John Rose, Managing Director Geoff Goldstein and Associate Mitchell Kaliner.
“This was a unique opportunity to lend on a premier asset class in a supply constrained market that is poised for future growth,” Klein said. “It was a pleasure to work with Ramrock Real Estate, Mequity Companies, and Cerberus, who each intimately understand the Manhattan self-storage market.”
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 $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.