NEW YORK, NY - 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.
Astoria is one of New York City’s most vibrant neighborhoods, with world-class dining, shopping and nightlife within walking distance of the property. 30-77 Vernon Boulevard is also conveniently located in close proximity to public transportation options, including the Astoria East River ferry stop, the R and W subway lines and a variety of bus lines.
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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom