Tishman Speyer has landed $1 billion in permanent financing for its massive Long Island City project known as Jackson Park, the company announced Friday.
The developer secured the mortgage from Bank of America and Wells Fargo. It is a 10-year, interest-only loan to replace a $640 million construction loan secured in 2015 from the same companies.
Tishman Speyer started construction on Jackson Park in 2015. The project opened in phases last year and this year. It features 1,871 apartments across three buildings, a 1.5-acre private park and a 50,000-square-foot clubhouse.
A JLL team of Michael Tepedino, Michael Gigliotti and Geoff Goldstein represented Tishman Speyer in the deal.
Jackson Park is located directly across from JACX, a 1.1 million-square-foot office and retail complex also from Tishman Speyer. Tenants include Macy’s, WeWork and New York-Presbyterian.