January 6, 2017
JDS Development Group succeeded in obtaining a total of $660 million in financing for its under-construction, multifamily development, American Copper Buildings at 626 First Ave. in Manhattan. JLL’s Capital Markets group brokered the $500 million senior loan from AIG, and the $160 million mezzanine loan, courtesy of Apollo Global Management and S.L. Green. The financing was interest-only, with a three-year term.
Aaron Appel, Michael Diaz and Mark Fisher led the JLL team on the transaction. Matt Phillips and Gregory Gleicher led the JDS team.
The American Copper Buildings development consists of two towers that are 41 and 48 stories. The copper-clad towers will be connected by Manhattan’s first sky bridge in 80 years. Upon completion, the property will offer 601 market-rate units, and 160 affordable units, along with 13,441 square feet of ground-floor retail space.
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