JLL Capital Markets has secured $27.5M in financing for 812-814 Amsterdam Ave., a newly constructed 44-unit, 15-story, mixed-use property on the Upper West Side of Manhattan.
JLL represented the borrower, Invictus Real Estate Partners LLC and MJM Associate Contracting LLC, to secure the loan with MetLife. Proceeds were used to retire the original construction loan and mezzanine financing.
Completed in March 2020, 812-814 Amsterdam Ave. is a 60,182 s/f property with 30,333 s/f of residential space and 12,302 s/fof retail space. The property has a total of 44 rental residential units, including studio, one- and two-bedroom units ranging from 414 to 1,167 s/f.
The commercial space is fully leased to the Learning Experience Academy, which occupies 11,125 s/f on the first, second and third floors and to Sunshine Smiles Pediatric Dentistry, which occupies a 1,177 s/f ground-floor retail space.
“The exceptional construction quality and 100 percent commercial pre-leasing allowed the lender to take comfort during an otherwise volatile market environment,” said Eric Scheffler, Managing Partner of Invictus Real Estate Partners. “This allows the borrower to benefit from historically low rates.”
The JLL Capital Markets team representing the borrower was led by Managing Director Scott Aiese, Senior Director Peter Rotchford, Vice President Alex Staikos, and Analyst Andrew Cohen.
“This world-class multi-housing asset illustrates New York City’s vibrant future, situated in the heart of Manhattan’s Upper West Side,” said Aiese.