JLL Capital Markets announced that it has secured $27.5 million in financing for 812-814 Amsterdam Ave., a newly constructed 44-unit, 15-story, mixed-use property on the Upper West Side of Manhattan.
JLL represented the borrower, Invictus Real Estate Partners LLC and MJM Associate Contracting LLC, to secure the loan with MetLife. Proceeds were used to retire the original construction loan and mezzanine financing.
Completed in March 2020, 812-814 Amsterdam Ave. is a 60,182-square-foot property with 30,333 square feet of residential space and 12,302 square feet of retail space. The property has a total of 44 rental residential units, including studio, one- and two-bedroom units ranging from 414 to 1,167 square feet. The apartments feature state-of-the-art finishes, 10’-high ceilings and superior light and views of the Upper West Side. Several of the upper-floor units have private balconies.
The commercial space is fully leased to the Learning Experience Academy, which occupies 11,125 square feet on the first, second and third floors and to Sunshine Smiles Pediatric Dentistry, which occupies a 1,177-square-foot ground-floor retail space.
812-814 Amsterdam Ave. is within walking distance of some of the city’s best shopping and dining options, including the Columbus Avenue retail corridor. The property offers excellent transportation access to Manhattan and the outer boroughs, including the 1, 2, 3, 4, A, B and C subway lines, as well as a variety of bus lines.
“The exceptional construction quality and 100% commercial pre-leasing allowed the lender to take comfort during an otherwise volatile market environment,” said Eric Scheffler, Managing Partner of Invictus Real Estate Partners. “This allows the borrower to benefit from historically low rates.”
The JLL Capital Markets team representing the borrower was led by Managing Director Scott Aiese, Senior Director Peter Rotchford, Vice President Alex Staikos, and Analyst Andrew Cohen.
“This world-class multi-housing asset illustrates New York City’s vibrant future, situated in the heart of Manhattan’s Upper West Side,” said Aiese.
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 sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.