JLL Capital Markets works with Valley National Bank to finance the ground-up construction of the luxury residential condominium development
News release
10 January 2024
RYBAK Development secures $71M construction loan for new residential condominiums in Queens
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NEW YORK, Jan. 10, 2024 – JLL Capital Markets announced today that they have arranged $71 million in construction financing for The Austin, a 98-unit luxury condominium project underway at the corner of Austin Street and 78th Avenue in Forest Hills, Queens.
JLL represented the locally based RYBAK Development to secure the construction financing from Valley National Bank.
The JLL Capital Markets team that arranged the financing was led by Robert Tonnessen and Aaron Niedermayer.
“We are thrilled to work with Rybak and Valley on such a special project that will further enhance the fabric of the Forest Hills neighborhood,” said Niedermayer.
“We saw a significant amount of liquidity and interest from the capital markets community — lenders will differentiate themselves for top tier sponsors and exceptional projects,” said Tonnessen.
Situated at 78-29 Austin Street, The Austin will be a seven-story luxury condominium with one- to four-bedroom apartments and three-bedroom duplex townhomes that will offer residents a full-service luxury living experience. The doorman building will provide residents with a full-service concierge and live-in super, as well as a range of best-in-class amenities, including a 75-foot infinity lap pool, rooftop garden, indoor basketball court, pickleball court, fitness center and children’s playroom. An 18-foot lobby entry will have a waterfall feature and floating walkway overlooking luxurious lounges and other common areas.
Scheduled for completion in Q4 2024, The Austin will be the newest and first of its kind condominium in Forest Hills, Queens and will set itself apart from anything available in the marketplace, creating a new standard of luxury.
The Austin’s location provides future residents easy access to public transportation and several local retail and restaurant amenities. It is nestled between Forest Park and Flushing Meadows Corona Park, which offer summer concerts, hiking and horseback riding trails, sports fields, museums, a zoo and beautiful lakes. The property is one block from the Kew Gardens – Union Turnpike subway station, which provides direct access to Manhattan in 25 minutes.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About RYBAK Development
RYBAK Development is a private real estate development and construction company founded in 2007. With over a decade of steady growth and consistent performance, RYBAK has become a leader among NYC Real Estate Developers. Today, the RYBAK brand is synonymous with quality construction, efficient operations, and innovative architecture.
RYBAK’s mission is to bring value to end users – residents and communities – while increasing returns for its stakeholders. To achieve its mission, RYBAK strives to deliver a competitively priced and noticeably superior product in each of its carefully chosen markets. The firm’s intimate knowledge of local real estate and site selection allows RYBAK to consistently exceed consumer expectations in given market segments, thereby setting new standards with each subsequent venture.
The firm has developed a portfolio over 5.4 million sq. ft. of residential and commercial NYC real estate that was acquired, developed and/or under management. The firm has been featured in The Real Deal, NYREJ, Mansion Global, The New York Post and The New York Times. One of the firm’s latest projects is the Sky 3 near Brooklyn’s southern shore, an 844,592 SF ground up mixed-use building boasting 499 residential rental units above 62,113 SF commercial space. For further information, visit https://rybakdev.com/.