JLL Capital Markets secures loan for SMA Equities – $56 million

Manhattan, NY JLL Capital Markets secured $56 million in construction financing for the development of 202 E. 23^rd St., a mixed-use, passive house designed, multi-housing property consisting of 108 units, located on the corner of Third Ave. and 23^rd St. in the Gramercy Park submarket.

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.

202 E. 23^rd St. is a 20-story, 90,000 s/f, mixed-use residential building that will consist of 80 market-rate units and 28 affordable housing units.

Floorplan options includes 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 amenity spaces and ground-floor retail. The passive house design provides superior air quality with optimal eco-friendly climate control.

The project is being developed on two adjacent lots, offering 47 ft. of frontage along Third Ave. and 100 ft. of frontage along East 23^rd St. Building features include bike storage, 24/7 doorman services, package room, tenant lounge, shared workspace, fitness center, roof deck and a 20th floor lounge. Unit features include high energy efficiency and thermal/air quality, wood flooring, stainless steel appliances and an in-unit washer/dryer.

The property is two blocks from the 4 & 6 subway lines and only three blocks from the N, Q, R, and W lines providing direct access throughout Manhattan and the outer boroughs. The project is in walking distance of the East Village, NoMad and Flatiron, providing tenants with exceptional access to a wide range of neighborhood amenities.

“We are thrilled to be developing an environmentally friendly project in the heart of the most prestigious neighborhood in New York City, Gramercy. 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” said Samy Mahfar, co-principal of SMA Equities.

“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.”