Centurion Union at 975 Bonnel Court in Union
By Joshua Burd
The developer of an 80-unit luxury apartment building in Union has secured permanent financing for the property, in a transaction arranged by JLL.
The borrower, American Landmark Development, completed construction at 975 Bonnel Court early this year and enjoyed a swift lease-up, according to JLL. The success of what’s known as Centurion Union allowed the firm to take out its construction loan ahead of schedule.
JLL Senior Managing Director Michael Klein and Associate Max Custer brokered the long-term, fixed-rate loan through Provident Bank.
“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 A. Fernandez, founder of American Landmark Development, or 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.”
In a news release, JLL noted that ALD is the designated redeveloper for the Union Center project. Centurion Union is the first phase, offering upscale apartments and amenities such as a fitness center, game room, resident lounge, co-working space and children’s playroom.
The property is steps from downtown Union’s collection of shops, restaurants and entertainment offerings that line the Stuyvesant Avenue corridor.
“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.”