NEW YORK CITY AND CHARLOTTE, N.C. — JLL has arranged $617 million in financing for Charlotte, North Carolina-based Grubb Properties, supporting the formation of a new real estate investment trust and the completion of a 64-story apartment tower in Manhattan’s Financial District.
JLL’s mergers and acquisitions and corporate advisory group first advised on the merger of several legacy Grubb Properties funds and their rebranding as Link Apartments REIT. The approximately $1.9 billion Grubb Properties-managed REIT has a portfolio of 45 properties, including more than 5,600 multifamily units.
In conjunction with the REIT formation, JLL’s corporate banking advisory group advised Link Apartments REIT and Link Apartments Opportunity Zone REIT on securing a $240 million net asset value credit facility from Bayview Commercial Mortgage Finance. The facility supports the consolidation of the 45-property portfolio and provides an equity commitment to help capitalize Link Apartments 8 Carlisle.
JLL and Arrow Real Estate Advisors also arranged $377 million in construction financing for the development, comprising a $300 million senior construction loan from Maxim Capital Group and a $77 million mezzanine loan co-originated by GreenBarn Investment Group, Skylight Real Estate Partners, Axonic Capital and Meadow Partners.
The 462-unit Link Apartments 8 Carlisle is under construction, with the first apartments expected to be completed in 2027. Thirty percent of its units will be designated as affordable. Rent limits were not disclosed.