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Tishman Speyer’s LIC Rentals Land $1B Mortgage
Tishman Speyer secured permanent financing for Jackson Park, its new luxury rental community in Long Island City. The owner-developer and its investment partners have secured a $1-billion first mortgage from Bank of America and Wells Fargo Bank.
The 10-year interest-only loan will be used to retire a $640-million construction loan obtained in 2015. Tishman Speyer was represented in the transaction by the JLL Capital Markets team of Michael Tepedino, Michael Gigliotti and Geoff Goldstein.
Jackson Park, which began construction in 2015 and opened in phases from 2018 through early 2019, features 1,871 apartments in three glass towers, a five-story, 50,000-square-foot clubhouse and a private 1.5-acre park. The development incorporates 120,000 square feet of indoor and outdoor amenities, and is virtually 100% leased.
Adjacent to Jackson Park, Tishman Speyer recently completed construction on The JACX, a 1.2 million-square-foot creative office development. It’s fully leased to Bloomingdales, Macy’s and WeWork.
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