Tishman Speyer today announced that it has secured $1 billion in permanent financing for Jackson Park, its new luxury residential rental community in Long Island City, Queens.
Jackson Park, which began construction in 2015 and opened in phases from 2018 through early 2019, features 1,871 luxury apartments in three glass towers, a five-story, 50,000 s/f clubhouse and a private 1.5-acre park.
The development, which incorporates 120,000 s/f of indoor and outdoor amenities, is virtually 100 percent leased.
Tishman Speyer and its investment partners secured a $1 billion first mortgage from Bank of America and Wells Fargo Bank. The 10-year interest-only loan will be used to retire a $640 million construction loan obtained in 2015.
Tishman Speyer was represented in the transaction by the Capital Markets team of Michael Tepedino, Michael Gigliotti, and Geoff Goldstein from JLL
In the past decade, Tishman Speyer has transformed six acres of essentially vacant land into a 24/7 community with approximately 1.8 million square feet of new office space, nearly 1,900 apartments and more than 50,000 square feet of restaurants and shops.
The mixed-use developments, which collectively encompass 3.7 million square feet, are adjacent to The JACX, a 1.2 million-square-foot creative office development.
The JACX, which is fully leased to Bloomingdales, Macy’s and WeWork, is the single biggest addition to Long Island City’s office inventory since the Citicorp Building opened in 1990.
In 2011, Tishman Speyer completed Two Gotham Center, a 700,000 square foot office tower located next door to The JACX and fully occupied by the New York City Department of Health.