July 12, 2017 Comments Off on JLL Arranges $150M Bridge Financing for Brooklyn’s 10 Jay Street Views: 941 National News, New York News, Northeast

JLL Arranges $150M Bridge Financing for Brooklyn’s 10 Jay Street

New York-based Glacier Global Partners and Triangle Assets secured $150-million in bridge financing for 10 Jay Street in Brooklyn. Acore Capital provided the loan, which will be used to repay existing debt, complete construction and fund future leasing costs at the newly redeveloped 10-story, Class A mixed-use asset.

The building sits on the waterfront of the East River at the entrance of the newly developed 85-acre Brooklyn Bridge Park in Dumbo, Brooklyn. The 221,501-square-foot building, which dates back to 1897, is in the final stages of a multi-million-dollar overhaul that includes installing an all-glass façade facing the East River.

JLL’s Kellogg Gaines and Aaron Niedermayer led the team on the financing, along with Dustin Stolly.

“Not only does 10 Jay Street boast an irreplaceable waterfront location, but Glacier and Triangle have created a truly exceptional building that balances a modernized design with Dumbo’s industrial heritage,” said Gaines.

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