JLL secures $664 million construction loan for Brooklyn project

9 Dekalb Avenue (Photo Ackerman Development)

NEW YORK— JLL’s Capital Markets experts 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.