JLL Secures $617 Million Financing for Manhattan Skyscraper

The financing package covers the development of the 462-unit tower and the consolidation of assets under the newly formed Link Apartments REIT. JLL’s M&A team first facilitated a merger of legacy funds into a $1.9 billion investment trust, which manages 45 properties and 5,600 units. This corporate restructuring paved the way for a $240 million net asset value credit facility from Bayview Commercial Mortgage Finance.

To complete the capital stack for 8 Carlisle, JLL partnered with Arrow Real Estate Advisors to secure a $300 million senior construction loan from Maxim Capital Group. An additional $77 million in mezzanine financing was provided by a consortium including GreenBarn Investment Group, Skylight Real Estate Partners, Axonic Capital, and Meadow Partners. The project, one of the final developments to utilize the city’s 421-a tax incentive program, will designate 30% of its units as affordable housing.

Clay Grubb, CEO of Grubb Properties, noted that the integrated approach allowed for the efficient consolidation of their portfolio while securing the necessary funds for the Lower Manhattan project. The 64-story tower is set to feature high-end amenities, including a 63rd-floor pool, and is specifically designed to target young professional renters.