JLL’s Capital Markets has secured $664.1 million in construction financing on behalf of developer JDS Development Group.
The financing will be used to complete construction of 9 DeKalb Avenue, which will be the tallest skyscraper at 1,066 feet in New York City’s outer boroughs. It will include 425 rental apartments, 30 percent of which will be capped below market rates. The project also boasts 150 condominiums and 120,000 square feet of retail.
JDS and development partner The Chetrit Group expect to deliver the 73-story residential tower in 2022.
The loan was provided by Otéra Capital, a subsidiary of Caisse de dépôt et placement du Québec, and Silverstein Capital Partners.
JDS and Chetrit Group acquired the 9 DeKalb site in 2016 for $90 million.