JLL Capital Markets recently announced that it has arranged a $171 million loan through Macquarie Principal Finance for 212 West 72nd St., a 19-story, 108-unit luxury condominium building located on Manhattan’s Upper West Side. JLL represented the borrower, a joint venture led by Centurion Real Estate Partners.
Originally developed in 2010 as a luxury rental property, 212 West 72nd St. was acquired by Centurion in 2019 and converted from 196 rental apartments to condominiums. The redevelopment included unit renovations, combining smaller units and amenity enhancements to create 108 luxury condominiums comprised of studio to five-bedroom units, plus two penthouse apartments with private rooftop terraces.
The new loan is collateralized by the remaining move-in ready units and will be used to repay the original construction loan provided by KKR.
212 West 72nd St. was redesigned by award-winning interior design firm, CetraRuddy, and features best-in-class amenities, including rooftop and third floor terraces, an outdoor kitchen, a state-of-the-art fitness center, a residents’ lounge and a children’s playroom. The property’s ground floor retail is occupied by Trader Joe’s, Duane Reade and Bank of America, providing residents with convenient service retail in a neighborhood of world-renowned restaurants, shops, museums, cultural attractions and parks.
The JLL Capital Markets team included Senior Managing Director Michael Gigliotti, Managing Director Peter Rotchford and Senior Managing Directors Jeffrey Julien and Rob Hinckley.
“Best-in-class design and a prime location are the hallmarks of today’s most prized condominium assets, and 212 West 72nd St. appealed to lenders across the board seeking a secure position in a capital stack with a well-capitalized sponsor,” said Gigliotti.
“There are few other condo projects of this quality on the Upper West Side and most of the competing supply has been absorbed.” said Rotchford “With the conversion nearing completion, the borrower is well positioned to complete the sell out at premium prices.”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
