JLL Capital Markets arranges loan for multi-housing and retail property

NEW YORK, October 21, 2020 — JLL Capital Markets announced today that it has secured $27.5 million in financing for 812-814 Amsterdam Ave., a newly constructed 44-unit, 15-story, mixed-use property on the Upper West Side of Manhattan. 

JLL represented the borrower, Invictus Real Estate Partners LLC and MJM Associate Contracting LLC, to secure the loan with MetLife. Proceeds were used to retire the original construction loan and mezzanine financing.

Completed in March 2020, 812-814 Amsterdam Ave. is a 60,182-square-foot property with 30,333 square feet of residential space and 12,302 square feet of retail space. The property has a total of 44 rental residential units, including studio, one- and two-bedroom units ranging from 414 to 1,167 square feet. The apartments feature state-of-the-art finishes, 10’-high ceilings and superior light and views of the Upper West Side. Several of the upper-floor units have private balconies. 

The commercial space is fully leased to the Learning Experience Academy, which occupies 11,125 square feet on the first, second and third floors and to Sunshine Smiles Pediatric Dentistry, which occupies a 1,177-square-foot ground-floor retail space. 

812-814 Amsterdam Ave. is within walking distance of some of the city’s best shopping and dining options, including the Columbus Avenue retail corridor. The property offers excellent transportation access to Manhattan and the outer boroughs, including the 1, 2, 3, 4, A, B and C subway lines, as well as a variety of bus lines. 

“The exceptional construction quality and 100% commercial pre-leasing allowed the lender to take comfort during an otherwise volatile market environment,” said Eric Scheffler, Managing Partner of Invictus Real Estate Partners. “This allows the borrower to benefit from historically low rates.” 

The JLL Capital Markets team representing the borrower was led by Managing Director Scott Aiese, Senior Director Peter Rotchford, Vice President Alex Staikos, and Analyst Andrew Cohen. 

“This world-class multi-housing asset illustrates New York City’s vibrant future, situated in the heart of Manhattan’s Upper West Side,” said Aiese. 

PORTLAND, ORE. – JLL announced today that it has arranged joint venture equity for the development of Block 40, a 232-unit, luxury multi-housing project in Portland’s South Waterfront neighborhood.

Working on behalf of the developer, Alamo Manhattan, JLL arranged the joint venture equity partnership with MetLife Investment Management.

Block 40 is being constructed on a 1.06-acre site at 3838 SW Macadam Avenue less than one mile south of the Portland CBD. The transit-oriented development is also next to Oregon Health & Science University (“OHSU”), which is currently undergoing a 1.1 million-square-foot expansion, and steps from the Portland Streetcar, MAX Light Rail and the OHSU Aerial Tram.

Due for completion in late 2021, the property will consist of a seven- and eight-story podium-style building with studio, one- and two-bedroom units averaging 724 square feet, approximately 6,500 square feet of ground-floor retail and 174 parking spaces. Planned amenities at the LEED-certified project will include a rooftop terrace with firepit, spacious seating area and TVs; courtyard with water fountain, fire pit, grilling area and seating area; fitness center with Technogym; and dog park and dog wash.

The JLL Capital Markets team representing Alamo Manhattan was led by Senior Managing Director Ira Virden, Senior Director Mark Erland and Directors Matt Benson and Charlie Watson.