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| Rendering of planned 202 E. 23rd Street, mixed-use project, Gramercy Park section, Manhattan, New York |
NEW YORK, NY — JLL Capital Markets announced it has secured $56 million in construction financing for the development of 202 E. 23rd Street, a mixed-use, passive house designed, multi-housing property consisting of 108 units, located on the corner of Third Avenue and 23rd Street in the Gramercy Park submarket of Manhattan.
JLL
represented the sponsor, SMA Equities, to place the construction loan with Bank
Leumi USA. Senior Managing Director Evan
Pariser with JLL represented the borrower.
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| Evan Pariser |
202 E. 23rd St. is a 20-story, 90,000-square-foot, mixed-use residential building that will consist of 80 market-rate units and 28 affordable housing units.
“We are thrilled to be developing an environmentally friendly project in the heart of the most prestigious neighborhood in New York City, Gramercy," said Samy Mahfar, co-principal of SMA Equities.
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| Samy Mahfar |
"We believe passive house and environmentally conscious developments are the way of the future. This is our fourth residential ground up project consisting of an affordable component in New York but the first Eco-friendly to passive house standard.”
“This project highlights SMA Equities’ success, diligence and resilience throughout the battle of the pandemic,” said Pariser.
“This property combines distinct architectural elements and passive house features that will prove to be remarkably comfortable for residents in addition to being highly energy efficient.”
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CONTACT:
Cierra Lacasse
PR, Capital Markets
JLL
T
+1 602 648 8701
M
+1 408 318 8021
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