(LONG ISLAND CITY, NY)— Tishman Speyer, a prominent real estate investment company has just acquired $1 billion in financing for Jackson Park. The company has a lengthy history of working on notable sites such as the new development of the Yankee Stadium, the Met Life Building, and Rockefeller Center.
In 2015 Tishman Speyer began the construction of Jackson Park in Long Island City, opening in stages beginning last year. The three buildings that comprise ‘Jackson Park’ will consist of more than 1,800 apartments, a 50,000-square-foot clubhouse, and a 1.5-acre private park.
Back in 2015, the developer acquired a $640 million construction loan from Bank of America and Wells Fargo. On Friday the company announced that they have replaced the first loan with a 10-year interest-only loan worth $1 billion from the same banks. Michael Tepedino, Michael Gigliotti, and Geoff Goldstein of JLL represented Tishman Speyer in the deal, according to the Real Deal.
Jackson Park is located at 28-40 Jackson Avenue directly across from a Tishman Speyer retail and office complex known as JACX. It has not yet been announced when Jackson Park will be done with construction.