JLL Secures $180M Construction Financing Loan For Mixed-Use Condo Development On 646 11th Ave

646 11th Ave, located at the cross streets of 48th and 11th Ave, recently closed in a mixed-use deal. The property, a mixed-use condo spanning 161,000 square feet of residential space and 40,000 square feet of retail, was financed through a construction loan. The loan, provided by Deutsche Bank, amounted to $180 million with a term of 3 years and interest-only payments. The loan also includes the option for two 12-month extensions. CBSK Ironstate, a joint venture with Charles Blaicman, Scott and Abe Shnay, and Michael and David Barry, serves as the landlord for this development. JLL NY Capital Markets represented both parties in the deal, with agents Aaron Appel, Keith Kurland, Jonathan Schwartz, Mark Fisher, and Douglas Baillie overseeing the transaction.

Summary of transaction details

• Property Type: Mixed Use
• Transaction Amount: $180M
• Lender: Deutsche Bank
• Landlord: CBSK Ironstate (JV with Charles Blaicman, Scott and Abe Shnay, and Michael & David Barry)
• Brokers: Aaron Appel, Keith Kurland, Jonathan Schwartz, Mark Fisher, Douglas Baillie (JLL NY Capital Markets)
• Plans: Mixed use condo with 161K SF RESI and 8K amenities, 40K SF of Retail
• Deal Type: Loan, Construction Financing
• Loan Term: 3 years, interest-only with 2 12-month extensions