Magnum Real Estate has recapitalized its East Village rental with a $63 million loan from Santander.
JLL’s Capital Markets experts arranged the financing for 62 Avenue B, an 81-unit residential building which includes a full amenity package.
Santander provided the $44 million senior loan while TPG provided $19 million in mezzanine financing.
JLL managing director Aaron Appel, senior vice president Michael Diaz, vice president Mark Kindrachuck and analyst Brian Buglione led the JLL team on the transaction.
“This property is among the top one percent of luxury rental buildings in the East Village,” said Appel.
“Located in close proximity to entertainment, transportation, and corporate centers, 62 Avenue B gives residents the ability to live luxuriously in the most coveted city in the United States. It certainly stirred significant interest from lenders eager to play their part in this prime asset.”