JLL Capital arranges $71 million construction loan for Tribeca condo development

Manhattan, NY JLL Capital Markets has arranged a $71 million construction loan for the development of 139 Franklin St., a boutique luxury condominium project in the heart of Tribeca. 

JLL represented the borrowers, Broad Street Development and TPG Angelo Gordon, in arranging the financing from affiliates of Apollo.

Located at 139 Franklin St. between Varick St. and West Broadway, the project will transform a former commercial property into a luxury residential condominium development designed to capitalize on strong demand in one of Manhattan’s most sought-after residential neighborhoods. 

“At 139 Franklin, our objective is to create one of Tribeca’s most distinctive boutique residential offerings,” said Raymond Chalme, principal of Broad Street Development. 

“Every element of the project, from the architecture and interiors to the resident experience, has been carefully curated to meet the expectations of today’s discerning luxury buyer. We appreciate Apollo’s confidence in our team and JLL’s expertise in arranging financing that positions the development for a successful delivery.”

Conceived as one of Tribeca’s most exclusive residential offerings, the development will feature a limited collection of expansive three- to five-bedroom homes distinguished by exceptional proportions, private outdoor space, and an unparalleled level of design and craftsmanship. Designed by Rawlings Architects with interiors by designer Ryan Korban, the project pairs timeless architecture with an intimate suite of wellness amenities and bespoke resident services to create a truly exceptional ownership experience.

Located in Tribeca within the P.S. 234 school district, the development offers a rare combination of tranquillity, connectivity, and world-class urban living. Near the Battery Park City Ball Fields, Pier 25, and the Hudson River Park waterfront, the property is thoughtfully positioned to attract families seeking the exclusivity and intimacy of a boutique residential experience. Residents will have access to Tribeca’s acclaimed restaurants, luxury retail, and cultural institutions. With more than 14 subway lines and the West Side Highway within a five-minute walk, 139 Franklin affords effortless access to the rest of New York City.

JLL Capital Markets’debt advisory team representing the borrower was led by senior managing directors Michael Gigliotti and Aaron Niedermayer.

“The market continues to reward luxury development opportunities in exceptional locations with experienced sponsorship,” said Gigliotti. “139 Franklin Street represents a compelling conversion play in Tribeca, where demand for boutique, high-quality residences continues to outpace new supply. We are pleased to have secured financing from Apollo that positions the sponsor to successfully execute its vision.”

Broad Street Development has established a proven track record of executing complex residential developments, adaptive reuse projects, and value-add repositionings throughout New York City. The firm’s notable residential projects include the award-winning 40 Bleecker condominium in NoHo and 215 Sullivan Street in Greenwich Village. Broad St. is also converting the historic Maritime Exchange Building at 80 Broad St. into 326 luxury rental residences, including affordable housing, through New York City’s 467-m office-to-residential conversion program. TPG Angelo Gordon has invested in U.S. real estate since 1993 and has completed more than 520 investments totaling over $29 billion in value, bringing deep institutional real estate expertise to the partnership.