JLL: Centurion Union luxury development gets permanent financing

JLL Capital Markets announced on Wednesday it has arranged financing for Centurion Union, an newly-constructed, 80-unit luxury apartment property located in the Union Center neighborhood of Union.

JLL’s Michael Klein, senior managing director, and Max Custer, associate, worked on behalf of the borrower, American Landmark Development, to secure the loan through Provident Bank. ALD completed the first phase of the project in February 2020.

“Centurion Union ushers in a new era for Union Center, where municipal efforts to create a vibrant new lifestyle experience along Stuyvesant Avenue have taken root,” Manuel A. Fernandez, founder of ALD, said. “As the first new residential building delivered in Union’s reimagined downtown in over three decades, Centurion Union delivers a modern residential opportunity to this flourishing and close-knit neighborhood, while placing residents just steps away from a diverse offering of dining, retail and conveniences.”

The apartments, which are located at 975 Bonnel Court, features spacious floorplans with nine-foot ceilings, wide wood plank floors, in-home washer and dryers, and more. The property also provides its residents with amenities, including a fitness center, game room, resident lounge, co-working spaces, children’s playroom, dog run and on-site parking.

“We are thrilled to aid American Landmark Development in securing long term fixed rate financing for Centurion Union, which will allow the company to continue with its strategic growth plan,” Custer said. “The Project’s rapid lease-up, particularly during the peak months of the COVID-19 pandemic is a testament to the building’s excellent location, quality finishes and the borrower’s hands on management team.”