JLL closed on the $243.5-million sale of Riverbank, a 44-story recently renovated rental property located at 560 W. 43rd St. in Manhattan’s Midtown West submarket. Senior managing directors Jeffrey Julien, Rob Hinckley and Andrew Scandalios, managing director Steven Rutman and VP Devon Warren represented the seller, Barings, and procured the buyer, an institutional investor that the New York Business Journal identified as JPMorgan Asset Management. JLL also arranged $128.3 million in acquisition financing.

Originally developed in the late 1980s as a condominium project, Riverbank has 418 units comprised of 43 studios, 270 one-, 62 two- and 43 three-bedrooms. The property features nearly 18,000 square feet of fully occupied retail.

Mark Freeman, managing director for Barings, said, “Barings has been proud to provide Class A housing to New Yorkers over the past 30 years at this property and to deliver meaningful value to our investors through this transaction. We are grateful to JLL for their support and wish the new ownership all the best.”

JLL’s Debt Advisory team included senior managing director Kelly Gaines and managing directors Geoff Goldstein and Michael Shmuely.