6 <\/p>\n
NEW YORK CITY AND CHARLOTTE, N.C. \u2014 JLL has arranged $617 million in financing for Charlotte, North Carolina-based Grubb Properties, supporting the formation of a new real estate investment trust and the completion of a 64-story apartment tower in Manhattan\u2019s Financial District.<\/p>\n
JLL\u2019s mergers and acquisitions and corporate advisory group first advised on the merger of several legacy Grubb Properties funds and their rebranding as Link Apartments REIT. The approximately $1.9 billion Grubb Properties-managed REIT has a portfolio of 45 properties, including more than 5,600 multifamily units.<\/p>\n
In conjunction with the REIT formation, JLL\u2019s corporate banking advisory group advised Link Apartments REIT and Link Apartments Opportunity Zone REIT on securing a $240 million net asset value credit facility from Bayview Commercial Mortgage Finance. The facility supports the consolidation of the 45-property portfolio and provides an equity commitment to help capitalize Link Apartments 8 Carlisle.<\/p>\n
JLL and Arrow Real Estate Advisors also arranged $377 million in construction financing for the development, comprising a $300 million senior construction loan from Maxim Capital Group and a $77 million mezzanine loan co-originated by GreenBarn Investment Group, Skylight Real Estate Partners, Axonic Capital and Meadow Partners.<\/p>\n
The 462-unit Link Apartments 8 Carlisle is under construction, with the first apartments expected to be completed in 2027. Thirty percent of its units will be designated as affordable. Rent limits were not disclosed.<\/p>\n","protected":false},"excerpt":{"rendered":"6 NEW YORK CITY AND CHARLOTTE, N.C. \u2014 JLL has arranged $617 million in financing for Charlotte, North…\n","protected":false},"author":2,"featured_media":304051,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[75,84,83,9,24,63,4405],"class_list":["post-304050","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc","tag-top-story"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/304050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=304050"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/304050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/304051"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=304050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=304050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=304050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}