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Value-Priced Condo Build Lands Construction Financing
JLL Capital Markets arranged $17 million in construction financing for the development of 66 Clinton St., a 12-unit condominium project on Manhattan’s Lower East Side. The project is slated for completion December 2021.
The JLL team representing the borrower was led by senior managing director Max Herzog, senior director Marko Kazanjian and associate Matt Fagella. They worked on behalf of the borrowers, Vault Development, Borough Equities and TLM to secure the construction loan through Kriss Capital.
“This project is uniquely designed to deliver affordable luxury living without compromising high design,” said Herzog. “At least 50% of units will be listed for under $2 million, capitalizing on a proven price point that generates sales velocity.”
The eight-story project will include one-bedroom units, four two-bedroom units and two three-bedroom penthouses.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
