American Copper Buildings Obtain $660M Financing Package
JDS Development Group and Largo Investments are developing two towers on the East River in Manhattan.
New York—JDS Development Group and Largo Investments have obtained $660 million in financing for the development of the American Copper Buildings, a pair of high-rises in Manhattan that will include 761 rental apartments. The buildings, at 626 First Ave. on the East River, are named for their distinctive copper skin, composed of about 5,000 panels of the metal.
American International Group provided a $500 million senior loan for the project, while SL Green Realty Corp., in partnership with a fund managed by Apollo Global Management, kicked in a $160 million mezz loan. The new financing replaces a $390 million construction loan and is interest only, carrying a three-year term.
The buildings, designed by ShoP Architects, will offer 601 market-rate units, as well as 160 affordable units. The two towers will be joined by a 100-foot skybridge and will also feature about 13,400 square feet of first-floor retail space.
Common amenities include a rooftop infinity pool on the East tower, along with a resident bar and lounge with views of the Manhattan skyline. Both buildings will also have access to a 24-hour concierge, a 294-spot parking garage, and a two-story fitness center. Units will include custom finishes such as stone countertops, wood cabinetry, built-in speakers, hardwood floors, and mud rooms.
JLL’s Capital Markets facilitated the deal. Managing Director Aaron Appel, Executive Vice President Michael Diaz and Senior Vice President Mark Fisher led the JLL team on the transaction, while Matt Phillips and Gregory Gleicher led the JDS team.