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New York & Tri-State  + Outer  + Finance  | 

JLL Secures JV Equity for Astoria Multifamily

(Updated with additional information)

JLL Capital Markets secured $55 million in joint venture equity for Cape Advisors’ 30-77 Vernon Blvd in Astoria, Queens.

Located on a 2.5-acre waterfront site overlooking Manhattan, the three-building, 534-unit property is one of the largest multifamily developments in the outer boroughs.

The JLL Capital Markets team representing the borrower was led by vice chairman Stephen Palmese, managing directors Rob Hinckley and Jeffrey Julien, VP Nicco Lupo and senior director Steven Rutman.

“30-77 Vernon Blvd. is uniquely positioned to accommodate New York City renters seeking abundant space, top of the line amenities and extraordinary waterfront views,” Hinckley said.

Separately, Meridian Capital Group’s Adam Hakim and James Murad arranged $225 million in construction financing from a balance-sheet lender for the project.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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