JLL’s Capital Markets group arranged a $350 million debt and equity capitalization for the development of The Italic, a to-be-built, 363-unit, luxury mixed-use community located at of 26-32 Jackson Ave. in Long Island City, Queens, New York. The property will include 283,000 square feet of residential space and 10,000 square feet of commercial retail space. JLL exclusively represented the borrower, American Lions, a joint venture between Fetner Properties and the Lions Group, to secure the loan. JLL also arranged the joint venture equity.
Upon completion, the property will feature 254 (70%) market rate units and 109 (30%) affordable units. The unit mix will comprise studio, one-, two- and three-bedroom floorplans averaging 770 square feet. Amenities will include a fitness center, two-bay golf simulator and lounge, basketball court, resident lounge, co-working space and a rooftop terrace. The building will feature an embedded touchless Salto ecosystem and its own owner-provided commercial-grade Wi-Fi network throughout the building.
Situated at the intersection of Court Square and Queens Plaza, 26-32 Jackson Ave. neighbors burgeoning dining and retail along the Jackson Avenue retail corridor. The project is within walking distance of the Queens Plaza, Queensboro Plaza, Court Square and Court Square-23rd Street subway stations.
JLL’s Capital Markets Debt Advisory team was led by Senior Managing Director Christopher Peck and Director Alex Staikos. Senior Managing Director Rob Hinckley, Senior Director Steven Rutman and Director Nicco Lupo led JLL’s Capital Markets Equity Advisory team.
