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$251M in Financing for Hell’s Kitchen Condo Project
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CBSK Ironstate’s acquisition and development of 646 Eleventh Ave. has landed $251 million in debt and equity, courtesy of a JLL Capital Markets team. The team raised $70 million in equity from an institutional investor, and secured $181 million in construction financing from Deutsche Bank for the luxury condominium development CBSK Ironstate has planned for the site.
“Hell’s Kitchen is one of the most vibrant communities in Manhattan and has recently experienced rapid development,” said JLL vice chairman Aaron Appel. “The future of the area is being re-shaped with nearly 17 million square feet in retail, commercial and residential space underway. This transaction offered the lenders an opportunity to finance one of New York’s most experienced residential developers in a project with significant risk mitigation.”
Appel arranged the financing, along with managing directors Keith Kurland and Jonathan Schwartz, EVP Mark Fisher and associate Douglas Billie.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
- ◦Sale/Acquisition
