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Debt & Equity

GAIA closes on $36M acquisition loan for East Village buy

JLL Capital Markets announced today it arranged $36 million in financing for the acquisition of three rental residential properties with a total of 71 units at 50-58 East Third St. in Manhattan’s East Village neighborhood.

JLL worked on behalf of the borrower, GAIA Real Estate, to originate the floating-rate loan through Bank of America. GAIA bought the portfolio for $49.5 million from Anbau Enterprises earlier this month.

The property primarily consists of two- and three-bedroom apartments and offers a limited number of larger layouts. The buildings were substantially renovated in 2013 and are currently 98.6 percent occupied.

The three-property residential portfolio is located on the south side of East 3rd Street between First and Second avenues in Manhattan’s East Village neighborhood.

The JLL Capital Markets team representing the borrower was led by Managing Director Scott Aiese and Director Alex Staikos.

“GAIA identified an ideal off-market investment opportunity in one of New York City’s most dynamic neighborhoods,” said Aiese. “This portfolio is very well positioned for long-term capital appreciation.”

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