JLL Capital Markets has arranged a $350 million debt and equity capitalization for the construction of The Italic, a residential mixed-use complex in Long Island City.
The advisory represented the borrower, American Lions, a joint venture between Fetner Properties and the Lions Group, to secure the loan and arranged the joint venture equity.
JLL’s Capital Markets Debt Advisory team was led by senior managing director Christopher Peck and director Alex Staikos, while JLL’s Capital Markets Equity Advisory team was led by senior managing director Rob Hinckley, senior director Steven Rutman and director Nicco Lupo.
“With the backing of strong capital partners, 26-32 Jackson Ave. promises to be a dynamic new addition to a neighborhood that has become one of the most popular in the city thanks to its diverse retail, recreation and living options and easy commute to Manhattan,” Lupo noted.
The 363-unit, luxury mixed-use community will include predominantly residential space – comprising studio, one-, two- and three-bedroom units – as well as commercial and retail space. Of the residential units, 254 (70 percent) will be at market rate and 109 (30 percent) will be affordable units.
The project is within walking distance of the Queens Plaza, Queensboro Plaza, Court Square and Court Square-23rd Street subway stations, providing direct access to Manhattan as well as the outer boroughs.