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JLL Capital Markets arranges $70m refinancing for 108-unit NYC mixed-use development
Transactions - JANUARY 25, 2024

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JLL Capital Markets arranges $70m refinancing for 108-unit NYC mixed-use development

by Released

JLL Capital Markets has arranged a $70.635 million Fannie Mae loan for SMA Equities to refinance 200 East 23rd St., a newly completed, 20-story mixed-use property in Manhattan’s Gramercy Park neighborhood.

JLL represented the borrower in negotiating a 10-year, interest-only fixed-rate Fannie Mae loan through Fannie Mae’s Near-Stabilization program. This will be the first property with a Passive House certification financed by Fannie Mae. The loan will be serviced by JLL Real Estate Capital, a Fannie Mae DUS® Lender.

JLL previously arranged SMA Equities’ acquisition financing in 2015, when the developer purchased the site, and subsequently secured construction financing in 2021 to fund the development costs.

Known as Gemma Gramercy, 200 East 23rd St. is

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