NEW YORK, Jan. 10, 2024 - JLL Capital Markets announced today that they have arranged $71 million in construction financing for The Austin, a 98-unit luxury condominium project underway at the corner of Austin Street and 78th Avenue in Forest Hills, Queens.
JLL represented the locally based RYBAK Development to secure the construction financing from Valley National Bank.
The JLL Capital Markets team that arranged the financing was led by Robert Tonnessen and Aaron Niedermayer.
"We are thrilled to work with Rybak and Valley on such a special project that will further enhance the fabric of the Forest Hills neighborhood," said Niedermayer.
"We saw a significant amount of liquidity and interest from the capital markets community - lenders will differentiate themselves for top tier sponsors and exceptional projects," said Tonnessen.
Situated at 78-29 Austin Street, The Austin will be a seven-story luxury condominium with one- to four-bedroom apartments and three-bedroom duplex townhomes that will offer residents a full-service luxury living experience. The doorman building will provide residents with a full-service concierge and live-in super, as well as a range of best-in-class amenities, including a 75-foot infinity lap pool, rooftop garden, indoor basketball court, pickleball court, fitness center and children's playroom. An 18-foot lobby entry will have a waterfall feature and floating walkway overlooking luxurious lounges and other common areas.
Scheduled for completion in Q4 2024, The Austin will be the newest and first of its kind condominium in Forest Hills, Queens and will set itself apart from anything available in the marketplace, creating a new standard of luxury.
The Austin's location provides future residents easy access to public transportation and several local retail and restaurant amenities. It is nestled between Forest Park and Flushing Meadows Corona Park, which offer summer concerts, hiking and horseback riding trails, sports fields, museums, a zoo and beautiful lakes. The property is one block from the Kew Gardens - Union Turnpike subway station, which provides direct access to Manhattan in 25 minutes.
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 and sales 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.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 21 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 February 2024 21:21:21 UTC.
