East Village, Manhattan. Shutterstock.
NEW YORK CITY- Benenson Capital Partners and Mack Real Estate have secured an $81 million refinancing for the construction loan on 433 East 13th St. in the East Village, a mixed-use property dubbed the "Eve". Helaba provided the financing, which has a 10-year fixed-interest rate.
"Eve was remarkably well-received by the debt markets given its location directly on the newly-renovated L train and the fact that the retail component is fully-leased," said Steve Kohn, vice chairman & president, equity debt & structured finance at Cushman. "Helaba was able to work with the structure of the existing debt and provide an extremely pricing-efficient execution via a credit enhancement of the existing bonds, ultimately allowing our client a more favorable rate while optimizing proceeds," added Alex Hernandez, executive managing director at Cushman, in a prepared statement.
Eve is a new, eight-story boutique multifamily property with a retail component at its base. It features 113 carefully-curated units, multi-floor amenity package, including a roof deck and a new 22,300-square-foot Trader Joe's at its base.
The property opened in March 2019 and has immediate access to the FDR Drive and other major roadways and is located adjacent to the new L subway station and within blocks of the 4, 5, 6, N, Q, R and W subway lines.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
