Grubb Properties Secures $617 Million Loan For Link Apartments 8 Carlisle In Manhattan

The asset involved in this transaction is a multifamily property located at 8 Carlisle Street - Link Apartments in the Financial District of Manhattan. The total square footage is 276,033 and it comprises 462 units. The loan amount secured for this property is $617,000,000, categorized as a construction and NAV credit facility.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $617,000,000
• Market: Financial District, Manhattan
• Units: 462
• Lender: Maxim Capital Group, GreenBarn, Skylight, Axonic, Meadow Partners, & Bayview Asset Management
• Landlord: Grubb Properties - Clay Grubb, Todd Williams, Lauren Cahill & Dave Stewart
• Brokerage Firm: JLL - Stephen Van Leer, Rob Hinckley, Jeffrey Julien, Alex Staikos, John Lowe, Steven Rutman, Steve Hentschel, Adam Coleman, Anthony Fertitta & Jonathan Koletic

This transaction involved a collective effort from multiple teams at JLL, including M&A and Corporate Advisory, Corporate Banking Advisory, and Debt & Equity Advisory. The team provided advisory services on the $1.9 Billion formation of Link Apartments REIT, LLC, a REIT managed by Grubb Properties that consolidates various legacy real estate funds and ownership interests across 45 properties. Additionally, they facilitated a $240 Million NAV Credit Facility for the REIT roll-up and asset-level investments, as well as a $377 Million property-level capitalization of Link Apartments 8 Carlisle in collaboration with Arrow Real Estate Advisors.