NEW YORK, Feb. 14, 2019 /PRNewswire/ -- JLL's Capital
Markets experts today announced the firm secured $280 million on behalf of Midtown Equities and HK
Organization to refinance Empire Stores, a newly-redeveloped Class
A retail and office building on the East River Waterfront in DUMBO,
Brooklyn. AIG provided the 15-year
loan.
Vice Chairman Aaron Appel,
Managing Director Jonathan Schwartz,
Executive Vice President Jackson
Sastri, and Vice Presidents David
Sitt and Eliott Zeitoune led
the JLL team on the transaction.
"The value of the Empire Stores is the result of a clear vision
and superior execution by Midtown Equities and HK Organization for
the redevelopment of the property," said Appel. "This was an
excellent lending opportunity with a stabilized property and
outstanding sponsors."
The six-story property, located at 55 Water Street, comprises
377,929 square feet of office space and 65,082 square feet of
ground floor retail.
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About JLL
JLL (NYSE: JLL) is a leading professional
services firm that specializes in real estate and investment
management. Our vision is to reimagine the world of real estate,
creating rewarding opportunities and amazing spaces where people
can achieve their ambitions. In doing so, we will build a better
tomorrow for our clients, our people and our communities. JLL is a
Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries
and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a
registered trademark, of Jones Lang LaSalle Incorporated. For
further information, visit jll.com
Connect with us
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Contact: Scott Sutton
Phone: +1 312 228 2863
Email: scott.sutton@am.jll.com
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SOURCE JLL