JLL arranges $215M loan to refinance Tower 28 in Queens
Firm refinances newly constructed 450-unit luxury residential tower in Queensboro Plaza neighborhood of Long Island City
NEW YORK, March 14, 2019 — JLL Capital Markets experts have arranged a $215 million loan to refinance Tower 28, a luxury multifamily tower in the Queensboro Plaza neighborhood of Long Island City, Queens, New York. The group worked on behalf of Heatherwood Luxury Rentals to place the loan with Morgan Stanley.
Aaron Appel and Jonathan Schwartz, Vice Chairmen; Matt Collins and Brian Buglione, Associates; and Michael Ianno, Analyst, led the JLL Capital Markets team handling the debt assignment.
“Tower 28 provides residents with the opportunity to live in a newly built luxury tower that offers a swift commute into Midtown, Hudson Yards, and the rest of Manhattan,” said Appel. “Tower 28’s unrivaled location and luxury finishes make it the most sought-after rental property on the market in the rapidly expanding Long Island City area.”
The 58-story Tower 28, located at 42-12 28th Street in Queens, was designed by Hill West Architects and completed in March 2017. The luxury residential tower contains 450 market-rate units spanning 330,708 rentable square feet. Building amenities include a game room, resident lounge, 46th floor furnished outdoor terrace, 59th floor observation deck, and indoor pool with retractable roof, among others. The unit mix is diverse, consisting of studio, one-, two-, three-, and four-bedroom options with varying designs and styles.
The property provides convenient access to six different subway lines, including the 7, N, and W at Queensboro Plaza (one block) and the E, M, and R at Queens Plaza (four blocks), resulting in just a 15-minute commute to Midtown Manhattan. With the recent extension of the 7 line to the far west side of Manhattan, residents will be able to reach Hudson Yards in 20 minutes or less.
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 2018 alone, the firm’s 2,400 Capital Markets specialists completed $179 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 annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Heatherwood Luxury Rentals
For more than 60 years, Heatherwood has been committed to building upscale residential rental communities, commercial property and luxury urban spaces. Heatherwood is a privately owned, family run company founded on the principles of exemplary service, striking design, quality construction and appreciation for natural beauty. It is our commitment to these principles that has made Heatherwood one of the most highly regarded leaders in the industry.