JLL Capital Markets announced today that it has arranged a $171 million loan through Macquarie Capital Principal Finance for 212 West 72nd St., a 19-story, 108-unit luxury condominium building located on Manhattan’s Upper West Side. JLL represented the borrower, a joint venture led by Centurion Real Estate Partners.
Originally developed in 2010 as a luxury rental property, 212 West 72nd St. was acquired by Centurion in 2019 and converted from 196 rental apartments to condominiums. The redevelopment included unit renovations, combining smaller units and amenity enhancements to create 108 luxury condominiums comprised of studio to five-bedroom units, plus two penthouse apartments with private rooftop terraces.
The new loan is collateralized by the remaining move-in ready units and will be used to repay the original construction loan provided by KKR.
212 West 72nd St. was redesigned by award-winning interior design firm, CetraRuddy, and features best-in-class amenities, including rooftop and third floor terraces, an outdoor kitchen, a state-of-the-art fitness center, a residents’ lounge and a children’s playroom. The property’s ground floor retail is occupied by Trader Joe’s, Duane Reade and Bank of America, providing residents with convenient service retail in a neighborhood of world-renowned restaurants, shops, museums, cultural attractions and parks.
The JLL Capital Markets team included Senior Managing Director Michael Gigliotti, Managing Director Peter Rotchford and Senior Managing Directors Jeffrey Julien and Rob Hinckley.
“Best-in-class design and a prime location are the hallmarks of today’s most prized condominium assets, and 212 West 72nd St. appealed to lenders across the board seeking a secure position in a capital stack with a well-capitalized sponsor,” said Gigliotti.
“There are few other condo projects of this quality on the Upper West Side and most of the competing supply has been absorbed.” said Rotchford “With the conversion nearing completion, the borrower is well positioned to complete the sell out at premium prices.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Centurion Property Investors
Centurion Property Investors, which is led by John Tashjian and Robert Schlesinger, is a premier New York City based developer that has completed roughly $2.5 billion worth of residential projects over the course of 20+ years. Some of the firm’s notable redevelopment projects include 200 East 59th Street, No. 33 Park Row, 347 Bowery, the Riverhouse at One Rockefeller Park, River & Warren, and the Concorde.
About Macquarie Capital
Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. It encompasses corporate advisory, a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie’s balance sheet. Macquarie Capital Principal Finance, the financing and principal investing arm of Macquarie Capital makes investments from Macquarie’s balance sheet and provides flexible primary financing and secondary market investing solutions for corporate and commercial real estate clients across North America, Europe and Australasia.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
