JLL Secures $617 Million Financing for Grubb Properties' Landmark Development in NYC

JLL Secures $617 Million for Landmark NYC Development

July 20, 2026, New York City – JLL's Capital Markets division has announced a significant financing milestone, securing a total of $617 million for Grubb Properties' notable Link Apartments 8 Carlisle project, located in Manhattan's Financial District. This ambitious endeavor is set to redefine urban living with its stunning 64-story high-rise that embodies a blend of luxury and affordability.

The intricate funding process undertaken by JLL involved a three-phased advisory approach, utilizing its M&A and Corporate Advisory, Corporate Banking Advisory, and Debt & Equity Advisory teams. Together, these divisions successfully arranged a multi-tranche financing structure tailored to the needs of Link Apartments REIT and Link Apartments Opportunity Zone REIT, both managed by Grubb Properties.

The Process Behind the Financing

JLL played a pivotal role in advising on the merger of multiple high-net-worth funds from Grubb Properties, facilitating the rebranding process to establish the Link Apartments REIT. This entity now boasts a robust portfolio encompassing approximately 45 properties consisting of over 5,600 multifamily units, totaling around $1.9 billion.

To further consolidate this extensive portfolio while financing the new development, JLL's Corporate Banking Advisory team secured a $240 million Net Asset Value (NAV) credit facility from Bayview Commercial Mortgage Finance. This facility not only supports the amalgamation effort but also provides necessary equity to capitalize the Link Apartments 8 Carlisle project.

Additionally, the Debt & Equity Advisory team at JLL, alongside Arrow Real Estate Advisors, orchestrated a $300 million senior construction loan from Maxim Capital Group, complemented by a $77 million mezzanine loan co-originated by several partners including GreenBarn Investment Group and Skylight Real Estate Partners.

A Vision Brought to Life

Clay Grubb, CEO of Grubb Properties, commented, “JLL's ability to coordinate multiple advisory disciplines across this complex transaction was instrumental in achieving our vision for Link Apartments 8 Carlisle. Their integrated approach enabled us to efficiently consolidate our portfolio while capitalizing on this landmark development in Lower Manhattan.”

Link Apartments 8 Carlisle is not just another skyscraper; it reflects the essence of modern urban living. The development is positioned to meet diverse needs, offering 462 residential units, 30% of which will be designated as affordable housing under HPD's 421-a program.

Exceptional Amenities

The high-rise features a stunning array of amenities designed to cater to the contemporary resident. With over 20,536 square feet of communal spaces, residents can enjoy a state-of-the-art fitness and yoga center, game room, screening room, and a demo kitchen. Notably, the stunning resort-style pool is situated on the 63rd floor, providing 360-degree panoramic views of the city skyline.

Future Implications

This financial arrangement epitomizes JLL’s extensive capabilities within the Capital Markets landscape, showcasing their proficiency in managing multifaceted, cross-disciplinary transactions. Senior Managing Directors from JLL, including Steve Hentschel and Anthony Fertitta, led their respective teams through these intricate negotiations, demonstrating a seamless integration of advisory services.

As JLL continues to assert itself as a leader in capital solutions for the real estate sector, the completion of Link Apartments 8 Carlisle exemplifies not only a triumph for Grubb Properties but also a significant contribution to the New York City housing landscape.

This landmark project leaves a lasting mark on the urban fabric and highlights the emerging trends in affordable housing amid soaring urban rents.

For additional insights and further developments, visit JLL's newsroom or Grubb Properties' website.