JLL Arranges $617 Million Capitalization for Grubb Properties' 64-Story Manhattan Multifamily Tower

JLL's Capital Markets group announced July 20 that it arranged $617 million in total capitalization for Grubb Properties and its affiliated real estate investment trusts, funding the development of Link Apartments 8 Carlisle, a 64-story, Class A multifamily tower in Manhattan's Financial District.

The financing supports two Grubb Properties-managed REITs — Link Apartments REIT and Link Apartments Opportunity Zone REIT — as well as the direct capitalization of the 462-unit tower, which is among the last large-scale rental developments to be delivered under New York City's legacy 421-a tax abatement program.

A Three-Phase, Multi-Tranche Capital Structure

JLL coordinated three separate advisory disciplines to execute the transaction. In the first phase, JLL's M&A and Corporate Advisory group advised on the merger of multiple legacy Grubb Properties high net worth funds and their rebranding into Link Apartments REIT, an approximately $1.9 billion REIT comprising 45 properties and more than 5,600 multifamily units.

In the second phase, JLL's Corporate Banking Advisory group — part of JLL's Investment Banking platform — advised Link Apartments REIT and Link Apartments Opportunity Zone REIT on securing a $240 million NAV credit facility from Bayview Commercial Mortgage Finance. The facility supports the consolidation of the 45-property portfolio and provides an equity commitment to assist in capitalizing Link Apartments 8 Carlisle.

In the third phase, JLL's Debt & Equity Advisory group, working in conjunction with Arrow Real Estate Advisors, arranged a $300 million senior construction loan from Maxim Capital Group and a $77 million mezzanine loan co-originated by GreenBarn Investment Group, Skylight Real Estate Partners, Axonic Capital, and Meadow Partners.

About Link Apartments 8 Carlisle

Link Apartments 8 Carlisle rises 64 stories in Lower Manhattan's Financial District. Of its 462 apartments, 30% will be designated affordable under HPD's legacy 421-a program. The property will also include 6,285 square feet of retail space.

Residential units begin on the seventh floor — more than 100 feet above grade. The development includes 20,536 square feet of amenity space, featuring a resort-style pool on the 63rd floor with 360-degree views, a two-story grand lobby, a 24-hour fitness and yoga center, a game room, a screening room, a demo kitchen, and co-working space. The property is described as targeting the young professional renter demographic with purpose-built, efficient floor plans.

Grubb Properties, founded in 1963, is a vertically integrated real estate company focused on essential housing through its Link Apartments brand. The company undergoes annual ESG assessments through GRESB.

421-a Program Context

Link Apartments 8 Carlisle is described in the announcement as one of the last properties to be delivered under HPD's legacy 421-a program. The 30% affordable set-aside is required under the program.

JLL Team and Quotes

JLL Investment Banking's M&A and Corporate Advisory team was led by Senior Managing Director Steve Hentschel and Director Adam Coleman. The Corporate Banking Advisory group was led by Senior Managing Director Anthony Fertitta Jr. and Associate Jonathan Koletic. JLL Capital Markets' Debt & Equity Advisory team was led by Managing Director Stephen Van Leer, Senior Managing Directors Rob Hinckley and Jeffrey Julien, Managing Director Steven Rutman, and Directors Alex Staikos and John Lowe.

"JLL's ability to coordinate multiple advisory disciplines across this complex transaction was instrumental in achieving our vision for Link Apartments 8 Carlisle," said Clay Grubb, CEO of Grubb Properties. "Their integrated approach to structuring the REIT formation alongside the project financing enabled us to efficiently consolidate our portfolio while capitalizing this landmark development in Lower Manhattan."

"This transaction demonstrates JLL's integrated platform capabilities and the team's ability to deliver comprehensive advisory services across complex, multi-component deals," said Van Leer. "By coordinating our M&A, Corporate Banking and Debt & Equity advisory expertise, JLL was able to sequence the series of transactions appropriately to ensure a seamless structure."

About the Firms Involved

JLL (NYSE: JLL) reported annual revenue of $26.1 billion and operates in more than 80 countries with a global workforce of more than 113,000 as of March 31, 2026. Its Capital Markets group includes more than 3,000 specialists in nearly 50 countries. Grubb Properties, founded in 1963, manages the Link Apartments REIT, an approximately $1.9 billion portfolio of 45 properties. Bayview Commercial Mortgage Finance provided the REIT-level NAV facility. Maxim Capital Group led the senior construction loan. The mezzanine tranche was co-originated by GreenBarn Investment Group, Skylight Real Estate Partners, Axonic Capital, and Meadow Partners.

Sources: JLL Newsroom, July 20, 2026. https://www.jll.com/en-us/newsroom/617m-total-capitalization-secured-for-8-carlisle-manhattan