JLL Capital Markets announced it has arranged $36 million in financing for the acquisition of three rental residential properties with a total of 71 units at 50-58 East Third St. in Manhattan’s East Village neighborhood.
JLL worked on behalf of the borrower, GAIA Real Estate, to originate the floating-rate loan through Bank of America.
The property primarily consists of two- and three-bedroom apartments and offers a limited number of larger layouts. The buildings were substantially renovated in 2013 and are currently 98.6 percent occupied. All units feature high-quality finishes, stainless steel appliances, Caesarstone quartz countertops, subway tile bathrooms and waterfall sinks. The property also includes a virtual doorman system, key fob entry and 24/7 video surveillance.
The three-property residential portfolio is located on the south side of East 3rd Street between First and Second avenues in Manhattan’s East Village neighborhood. The property is conveniently situated less than three blocks from the F train at Second Avenue and is within a five-minute walk from the 6 train at Bleecker Street and A, B, D, F, M lines at the Broadway-Lafayette subway station.
The JLL Capital Markets team representing the borrower was led by Managing Director Scott Aiese and Director Alex Staikos.
“GAIA identified an ideal off-market investment opportunity in one of New York City’s most dynamic neighborhoods,” said Aiese. “This portfolio is very well positioned for long-term capital appreciation.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.