Approximately US$ 350M in debt and equity has been secured for the construction of the 363-unit Italic multifamily development in New York. The funds were garnered by the project developer, American Lions, which is a joint venture between Fetner Properties and the Lions Group.
JLL represented the JVC in the transaction and helped secure the loan. Senior Managing Director Christopher Peck and Director Alex Staikos were responsible for leading the JLL team that arranged the debt. Senior Managing Director Rob Hinckley, Senior Director Steven Rutman, and Director Nicco Lupo led the Capital Markets Equity Advisory team.
Features of the Italic multifamily development in New York
The Italic will include a combination of residential and commercial retail spaces, spanning 283,000 and 10,000 square feet respectively. The property will have a mix of studio, one, two, and three-bedroom floor plans averaging 770 square feet.
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Upon completion, 70% of the apartments totaling 254 units will be set at market rate. 109 units which are about 30% of the total units, on the other hand, will be designated as affordable.
The Italic will have common area amenities such as a fitness center, golf simulator, and basketball court. In addition, the property also provides coworking spaces, a resident lounge, and a rooftop patio. All units will have access to an embedded touchless SALTO ecosystem along with a commercial-grade WIFI network across the building.
The Italic site location is at the intersection of Court Square and Queens Plaza on 26/32 Jackson Avenue. Therefore it offers easy access to public infrastructure including six subway stations within a half-mile radius.
Residents at the property will also be able to visit the Empire State Building, which is approximately 3 miles away. Furthermore, occupants will enjoy access to multiple dining and retail options including an 11.5 million square foot office space. All the featured amenities will be within walking distance of the property.