Grubb Properties Lands $617M for Capitalization Strategy
The financing will also support the development of a 64-story residential tower in Lower Manhattan.
Grubb Properties has secured $617 million in financing for its Link Apartments REIT and Link Apartments Opportunity Zone REIT, as well as for Link Apartments 8 Carlisle, a 64-story multifamily development in Manhattan’s Financial District. JLL arranged the three-phase capitalization structure on behalf of the developer and REIT sponsor—Grubb Properties.
The financing package includes 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 help capitalize Link Apartments 8 Carlisle.
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For the development of Link Apartments 8 Carlisle, Grubb Properties secured a $300 million senior construction loan from Maxim Capital Group, as well as a $77 million mezzanine loan, which was co-originated by GreenBarn Investment Group, Skylight Real Estate Partners, Axonic Capital and Meadow Partners.
Along with the capitalization program, the company completed the merger of several legacy investment funds, to create Link Apartments REIT, a $1.9 billion, Grubb Properties-managed REIT which comprises 5,600 multifamily units across 45 assets.
A 64-story community in FiDi
Featuring 462 residential units, Link Apartments 8 Carlisle is slated to be delivered under HPD’s legacy 421-a program, with 30 percent of its apartments allocated as affordable housing. The residential part of the high-rise will start on the seventh floor. Layouts will consist of 176 studios, 208 one-bedroom and 78 two-bedroom residences, ranging from 401 to 937 square feet.
The project comprises 6,285 square feet of retail space, as well as 20,536 square feet of amenity space, which will include a pool on the 63rd floor, a grand lobby, a 24-hour fitness and yoga center, game room, screening room and coworking space. Situated at 8 Carlisle St., the development is one block east of Interstate 478 and New York State Route 9A. The future community is also near several subway stops, on the 1, 5, R and J train lines.
JLL Senior Managing Director Steve Hentschel and Director Adam Coleman led the team that advised Grubb Properties regarding the merger of multiple legacy investment funds. JLL’s Corporate Banking Advisory group, part of JLL’s Investment Banking platform, was led by Senior Managing Director Anthony Fertitta and Associate Jonathan Koletic in securing the NAV credit facility from Bayview Commercial Mortgage Finance.
Finally, Arrow Real Estate Advisors and JLL Managing Director Stephen Van Leer, Senior Managing Directors Rob Hinckley and Jeffrey Julien, Managing Director Steven Rutman and Directors Alex Staikos and John Lowe secured the senior and mezzanine construction loans.
As of March 2026, Manhattan developers had 16,559 units under construction with another 44,000 in the planning and permitting stages, according to a recent Yardi Matrix report. A large portion of the under-construction pipeline are Lifestyle developments, while only 10.5 percent of the projects are fully affordable.
Nevertheless, it wasn’t long ago that the New York administration launched the next phase for the Block by Block housing plan through the Supportive Preservation Program. The local incentive aims to help support the preservation of affordable properties across New York City.
