August 3, 2020
(Updated with additional information)
JLL Capital Markets secured $55 million in joint venture equity for Cape Advisors’ 30-77 Vernon Blvd in Astoria, Queens.
Located on a 2.5-acre waterfront site overlooking Manhattan, the three-building, 534-unit property is one of the largest multifamily developments in the outer boroughs.
The JLL Capital Markets team representing the borrower was led by vice chairman Stephen Palmese, managing directors Rob Hinckley and Jeffrey Julien, VP Nicco Lupo and senior director Steven Rutman.
“30-77 Vernon Blvd. is uniquely positioned to accommodate New York City renters seeking abundant space, top of the line amenities and extraordinary waterfront views,” Hinckley said.
Separately, Meridian Capital Group’s Adam Hakim and James Murad arranged $225 million in construction financing from a balance-sheet lender for the project.
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