JLL Secures $617M Financing for Grubb Properties Apartment Tower in Lower Manhattan

JLL’s M&A and Corporate Advisory, Corporate Banking Advisory and Debt & Equity Advisory teams collectively secured $617 million in financing for Link Apartments REIT and Link Apartments Opportunity Zone REIT. Both are Grubb Properties-managed REITs, along with Link Apartments 8 Carlisle, a 64-story, Class A multifamily development in Manhattan’s Financial District.

JLL represented the developer and REIT sponsor, Grubb Properties, in arranging the multi-tranche capitalization through a coordinated, three-phase advisory effort. It included the following components:

• First, the M&A and Corporate Advisory group, led by senior managing director Steve Hentschel and director Adam Coleman, advised on the merger of multiple legacy Grubb funds and subsequent rebranding to create Link Apartments REIT.

• Led by senior managing director Anthony Fertitta and associate Jonathan Koletic, the Corporate Banking Advisory group advised Link Apartments REIT and Link Apartments Opportunity Zone REIT on securing a $240-million NAV credit facility from Bayview Commercial Mortgage Finance, supporting the consolidation of the 45-property portfolio while providing an equity commitment to assist in capitalizing Link Apartments 8 Carlisle.

• Additionally, JLL’s Debt & Equity Advisory group, in conjunction with Arrow Real Estate Advisors, arranged a $300-million senior construction loan from Maxim Capital Group and a $77-million mezzanine loan that was co-originated by GreenBarn Investment Group, Skylight Real Estate Partners, Axonic Capital and Meadow Partners. The Debt & Equity Advisory team was led by managing director Stephen Van Leer, senior managing directors Rob Hinckley and Jeffrey Julien, managing director Steven Rutman and directors Alex Staikos and John Lowe.

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