JLL Capital Markets Secures $ 56 million home loan for 108-unit mixed-use apartment building in Manhattan

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CHICAGO, IL – JLL Capital Markets announced today that it has secured $ 56 million in mortgage lending for the development of 202 E. 23rd St., a 108-unit passive home mixed use apartment building on the corner of Third Avenue and 23rd Street in the Gramercy Park submarket of Manhattan.

JLL represented the sponsor SMA Equities in the placement of the building loan at Bank Leumi USA. Senior Managing Director Evan Pariser at JLL represented the borrower.

202 E. 23rd St. is a 20-story, 90,000-square-meter, mixed-use residential building that will consist of 80 commercial units and 28 affordable residential units. The floor plan options include studio, one and two bedroom apartments. Built under the Affordable New York 421-a program, the property will feature a passive house design along with high-end amenities and retail outlets on the ground floor. The passive house design ensures the best air quality with optimal, environmentally friendly air conditioning.

The project is being developed on two adjoining lots and has 47 feet of frontage along Third Avenue and 30 feet of frontage along East 23rd Street. The building features include bicycle storage, 24-hour porter service, parcel room, tenant lounge, communal workspace, fitness center, roof terrace and a lounge on the 20th floor. Features of the unit include high energy efficiency and heat / air quality, wooden floors, stainless steel appliances and a washer / dryer in the unit.

The hotel is located in Manhattan’s Gramercy Park neighborhood, two blocks from subway lines 4 and 6 and just three blocks from the N, Q, R, and W lines, which provide direct access to all of Manhattan and the outskirts. The project is within walking distance of the East Village, NoMad and Flatiron and provides tenants with exceptional access to a wide variety of neighborhood amenities.

“We are excited to develop an environmentally friendly project in the heart of New York City’s most prestigious neighborhood, Gramercy. We believe that passive houses and environmentally conscious developments are the way of the future. This is our fourth affordable housing project in New York, but the first environmentally friendly to passive house standard, ”said Samy Mahfar, Co-Managing Director of SMA Equities.

“This project underscores the success, diligence and resilience of SMA Equities in the fight against the pandemic,” said Pariser. “This property combines different architectural elements and passive house features, which prove to be remarkably comfortable for the residents and are also very energy-efficient.”

JLL Capital Markets is a global full-service provider of capital solutions for real estate investors and users. The company’s in-depth local market and global investor knowledge delivers the best solutions for clients – whether it’s investment advice, debt placement, equity placement or recapitalization. The company has more than 3,700 capital market specialists worldwide with branches in almost 50 countries.

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