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JONES LANG LASALLE INCORPORATED

(JLL)
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$167M loan secured for Lower Manhattan condominium

10/26/2021 | 12:26pm EST

NEW YORK, October 26, 2021 - JLL Capital Markets announced today that it has secured $167 million in condominium inventory financing for Jolie at 77 Greenwich St., a 90-unit condominium tower in Lower Manhattan that began closing units in September.

JLL represented the sponsor, Trinity Place Holdings Inc. (NYSE American: TPHS), to place the loan with Macquarie Capital, the advisory, capital markets and principal investment arm of Macquarie Group. The funds will be used to retire existing construction financing and fund remaining project costs.

Located in the heart of the "New Downtown," the 500-foot tower consists of 90 residential condominium units and approximately 7,500 square feet of retail. Jolie features efficient residences with high-end interior finishes, a robust suite of indoor and outdoor amenities and soaring views of the Hudson River, New York Harbor, Statue of Liberty and Verrazzano-Narrows Bridge. Jolie's first residents have moved into their new homes and construction is nearing completion.

With architecture by FXCollaborative and interiors by Deborah Berke Partners, the boutique, full-service building has no more than four units per floor. The residences, averaging 1,534 square feet, range from one- to four-bedrooms and offer walk-to-work access to over 90 million square feet of office space in Lower Manhattan and numerous nearby parks and neighborhood amenities. The building will also include a new kindergarten through 5th grade public elementary school, which is accessed through a separate entrance located on Trinity Place.

Located on Greenwich Street, the property is situated in proximity to Battery Park, Wall Street, the Hudson River Waterfront, One World Trade Center and over 15.9 million square feet of retail, restaurant and entertainment space, including Brookfield Place, the shops at Westfield World Trade Center and the South Street Seaport. The property, steps from the World Trade Center and Fulton Center transit hubs, is directly across the street from the newly completed Elizabeth Berger Park, serving as an additional outdoor amenity for the residents of the property.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Geoff Goldstein, Steve Klein and Alex Staikos.

"Jolie at 77 Greenwich Street is an extraordinary Lower Manhattan residential project developed by a sponsor with unmatched experience in New York," said Goldstein. "This stand-out property represents the powerful future of Lower Manhattan."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

Disclaimer

Jones Lang LaSalle Inc. published this content on 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2021 16:25:06 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2021 10 785 M - -
Net income 2021 886 M - -
Net Debt 2021 57,0 M - -
P/E ratio 2021 13,5x
Yield 2021 -
Capitalization 11 569 M 11 569 M -
EV / Sales 2021 1,08x
EV / Sales 2022 0,95x
Nbr of Employees 91 000
Free-Float 96,5%
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Last Close Price 229,24 $
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Christian Ulbrich President, Chief Executive Officer & Director
Karen Brennan Chief Financial & Investment Officer
Siddharth N. Mehta Chairman
Allan Frazier Global Chief Information Officer
Benjamin Breslau Chief Research Officer
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