Jody Kriss’s Kriss Capital has funded a $17M construction loan on a Lower East Side apartment project.
JLL Capital Markets announced today that it arranged the financing for the development of 66 Clinton St., a 12-unit condo project on the Lower East Side. The project is slated for completion December 2021.
JLL worked on behalf of the borrowers, Vault Development, Borough Equities and TLM to secure the construction loan through Kriss Capital.
The eight-story project will include one-bedroom units, four two-bedroom units and two three-bedroom penthouses. Each floor will offer rear-facing balconies, and amenities include a recreation lounge with access to a garden that can be used by residents for private events, a private roof deck on the eighth floor and a fitness center facing the rear yard.
The building is in close proximity to neighborhood hot spots including Essex Crossing, local dining, shopping and nightlife options. It is also near the D, B and F subway lines.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Max Herzog, Senior Director Marko Kazanjian and Associate Matt Fagella.
“This project is uniquely designed to deliver affordable luxury living without compromising high design,” said Herzog. “At least 50 percent of units will be listed for under $2.0 million, capitalizing on a proven price point that generates sales velocity.”
Herzog continued, “This type of product along with strong sponsorship and a premier location allowed our team to procure reasonable construction financing terms despite the current challenging lending market. Kriss Capital was excellent to work with; we closed on the initial terms and in the necessary timeframe without any hiccups.”