Multi-housing property in Manhattan secures $56 million construction financing

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

JLL represented the sponsor, SMA Equities, to place the construction loan with Bank Leumi USA.

202 E. 23rd St. is a 20-story, 90,000-sq.-ft., mixed-use residential building with 80 market-rate units and 28 affordable housing units. Floorplan options include 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, with 47 feet of frontage along Third Avenue and 100 feet of frontage along East 23rd St.

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