Benenson Capital Partners, Mack Real Estate Secure $81M Loan
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”.
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.