JLL secures $664.1M construction loan for 9 Dekalb in Brooklyn
JLL represents JDS Development Group; tower will be Brooklyn’s tallest when completed
NEW YORK, April 29, 2019 — JLL’s Capital Markets experts today announced the firm secured $664.1 million in construction financing on behalf of JDS Development Group. The loan was provided by Otéra Capital Inc. and Silverstein Capital Partners, and will be used to complete construction of 9 Dekalb Avenue, which will become the borough’s tallest building at 1,066 feet upon completion in 2022.
Vice Chairmen Aaron Appel, Keith Kurland and Jonathan Schwartz, Managing Directors Michael Diaz and Mark Fisher and Associates Matthew Collins and Sean Bastian, led the JLL team on the transaction.
“This project checked all the boxes: a premier sponsor with deep development experience, a marquee building that will define the Brooklyn skyline and lenders that recognized this as an outstanding opportunity,” said Appel.
The building will include 425 rental apartments, 30 percent of which will be capped below market rates. The project also boasts 150 condominiums and 120,000 square feet of retail.
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 2,600 Capital Markets specialists completed nearly $180 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