JLL secures permanent financing for Centurion Union redevelopment

JLL Capital Markets said Tuesday it arranged permanent financing on behalf of American Landmark Development (ALD) for Centurion Union, a newly constructed 80-unit luxury apartment building in Union.

Located at 975 Bonnel Court in the Union Center neighborhood, ALD completed construction on the first phase of the multi-phased Centurion Union project in February. The building immediately received tremendous interest from potential renters, resulting in a swift lease-up period that allowed the ALD to take out its construction loan ahead of schedule.

The long-term, fixed-rate loan was secured through Provident Bank. The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Associate Max Custer.

The apartments feature spacious floorplans with 9-foot ceiling heights, wide wood-style plank flooring, vented in-home washer and dryers, kitchens with full-size slate GE appliances, and island/peninsula workspaces with quartz countertops.

Residents have access to various building amenities, including a fitness center, game room, resident lounge, flexible coworking space, children’s playroom, dog run and onsite parking. The property is located in the heart of downtown Union, just steps from an abundance of shops, restaurants and entertainment that line the Stuyvesant Avenue corridor.

“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,” said Manuel Fernandez, founder of ALD. “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.”