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Debt & Equity

JLL brokers $55M equity deal for Queens apartment development

 JLL Capital Markets announced today that it has secured $55 million in joint venture equity for Cape Advisors’ 30-77 Vernon Blvd in Astoria, Queens.

JLL worked on the behalf of the borrower, Cape Advisors, to secure the joint venture equity.

The three-building, 534-unit property, located on a 2.5-acre waterfront site overlooking Manhattan, is one of the largest multi-housing developments in the city’s five boroughs. 

The JLL Capital Markets team representing the borrower was led by Vice Chairman Stephen Palmese, Managing Directors Rob Hinckley and Jeffrey Julien, Vice President Nicco Lupo and Senior Director Steven Rutman.

“30-77 Vernon Boulevard is uniquely positioned to accommodate New York City renters seeking abundant space, top of the line amenities and extraordinary waterfront views,” said Hinckley.

“Overlooking the East River and Manhattan, the property offers the best of Astoria and easy access to all of New York City from the adjacent ferry stop,” added Palmese.

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