L+M Development Partners has secured a $52.8 million refinancing at The Niko East Village, a 12-story mixed-use rental building located at 751 East 6th Street in the East Village.
The fully leased, 110-unit Niko includes a landscaped rooftop and there is a Rite Aid on its ground floor.
The Niko is a New York State Housing & Community Renewal (HCR) bond-funded project, with the refinancing secured through a direct purchase with Wells Fargo’s Municipal Capital Strategies and Multifamily Capital divisions.
For the project’s 2016 construction financing, HCR issued tax-exempt and taxable Housing Revenue Bonds, which were purchased by TD Bank.
“We are grateful to have worked with our public and financial partners to secure permanent financing for The Niko East Village,” said Isaac Alshihabi, project manager at L+M Development Partners.
“The East Village is a diverse community of thinkers, creators, and doers, and the Niko fits right in. An exceptional mixed-income development with sweeping views and contemporary amenities, it is a wonderful place to call home.”
“Wells Fargo is committed to helping improve access to affordable housing in areas where there are the biggest needs, including New York City, and we are pleased to help refinance The Niko,” said Justin Shackleford, director, Wells Fargo Multifamily Capital.