Benenson Capital Partners and Mack Real Estate Group have refinanced their construction loan on Eve in the East Village.
Cushman & Wakefield negotiated the $81 million, 10-year fixed-rate deal with Germany’s Helaba bank.
The firmʼs Steve Kohn, Alex Hernandez, TJ Sullivan and Emily Johansen are exclusive capital advisors tthe the Benenson and Mack affiliates developing Eve, a mixed-use property at 433 East 13th Street in the East Village.
“Eve was remarkably well-received by the debt markets given its location directly on the newly-renovated L train and the fact that the retail component is fully-leased,” said Kohn, a vice chairman & president in the Equity Debt & Structured Finance division.
“Helaba was able to work with the structure of the existing debt and provide an extremely pricing-efficient execution via a credit enhancement of the existing bonds, ultimately allowing our client a more favorable rate while optimizing proceeds,” added Hernandez, an executive managing director at Cushman..
Opened in March 2019, Eve is an eight-story property with a retail component at its base.
It has 113 units, a multi-floor amenity package that includes a roof deck and a new 22,300 s/f Trader Joe’s at its base,