JLL arranges $617 million in total capitalization for Grubb Properties

Three-phase advisory effort led to multi-tranche financing structure to capitalize this standout development in New York City

NEW YORK, July 20, 2026 /PRNewswire/ -- JLL's Capital Markets group announced today that its M&A and Corporate Advisory, Corporate Banking Advisory and Debt & Equity Advisory teams collectively secured $617 million in financing for Link Apartments REIT and Link Apartments Opportunity Zone REIT. Both are Grubb Properties-managed REITs, along with Link Apartments 8 Carlisle, a 64-story, Class A multifamily development in Manhattan's Financial District.

JLL represented the developer and REIT sponsor, Grubb Properties, in arranging the multi-tranche capitalization through a coordinated, three-phase advisory effort that ultimately enabled the roll-up and merger of Grubb's interest in several investment vehicles and the full capitalization of Link Apartments 8 Carlisle.

First, JLL's M&A and Corporate Advisory group served as advisors on the merger of multiple legacy Grubb Properties' high net worth funds and subsequent re-branding to create Link Apartments REIT, an approximately $1.9 billion Grubb Properties-managed real estate investment trust with a portfolio of 45 properties, including more than 5,600 multifamily units.

In conjunction with the REIT formation, 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"). The Facility supports the consolidation of the 45-property portfolio while providing an equity commitment to assist in capitalizing Link Apartments 8 Carlisle.

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

"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."

Link Apartments 8 Carlisle rises 64 stories and is one of the last properties to be delivered under HPD's legacy 421-a program, where 30% of the 462 apartments will be allocated affordable. The property will be complemented by 6,285 square feet of retail space. The high-rise community offers purpose-built, highly efficient floor plans designed to attract and serve the young professional renter demographic. Residential units begin on the seventh floor, more than 100 feet above ground, ensuring abundant natural light for all apartments. The development features 20,536 square feet of amenity space, including a resort-style pool on the 63rd floor with 360-degree views, a two-story grand lobby, 24-hour fitness and yoga center, game room, screening room, demo kitchen and co-working space.

JLL Investment Banking's M&A and Corporate Advisory team was spearheaded by Senior Managing Director Steve Hentschel and Director Adam Coleman.

JLL Investment Banking's Corporate Banking Advisory group was led by Senior Managing Director Anthony Fertitta and Associate Jonathan Koletic.

JLL Capital Market's 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.

"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. An example of JLL's 'Best Team on the Field' ethos and unwavering focus on achieving the best outcome for our client."

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group 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.

About JLL 
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

About Grubb Properties
Grubb Properties, founded in 1963, is a vertically integrated real estate company focused on essential housing through its Link Apartments brand. The company targets residents in the middle of the income spectrum, directly addressing a growing crisis for essential housing, while providing residents with exceptional living spaces. Grubb Properties maintains a long-term perspective and has a careful and measured approach to real estate investment. Grubb Properties has received numerous sustainability designations and recognitions and undergoes annual ESG assessments through GRESB. For more information, visit www.grubbproperties.com.

Contact: Gréta Kieras, Senior Associate, Public Relations
Phone: +1 949 930 8498  
Email: [email protected]

SOURCE JLL