Rose Associates, the New York-based multifamily real estate developer, in partnership with the Marmara Group has secured a loan of $47 million to renovate and reposition 301 East 94th Street in New York City. The 32-story building on the Upper East Side consists of 108 apartments. Currently unoccupied, the property was built in 1989 by the Marmara Group and has long operated as The Marmara Manhattan, a mix of short- and long-term rentals.
Marc Ehrlich, Chief Investment Officer at Rose Associates, said: “We are excited to embark on this project and thrilled at the opportunity to redevelop this well located, high- quality building. Along with our partners, we look forward to creating a fully reimagined 301 East 94th Street.”
A spokesperson at The Marmara Group, said “We believe in the importance of developing value-driven investment projects and the partnership with Rose Associates is a key step in enhancing value for this property”.
BankUnited furnished the loan to the partnership of Rose and Marmara. Cushman & Wakefield’s Equity, Debt & Structured Finance team of Steve Kohn, Alex Hernandez and Alex Lapidus managed the loan placement, and Alan S. Cohen from ABS Partners served as advisor to the Marmara Group. Rose began renovating the property earlier this year and anticipates re-opening the building in Spring 2023.
“BankUnited is extremely pleased to have provided financing to the Rose/Marmara team for the renovation of 301 East 94 th Street. We look forward to the successful completion of the property and furthering our relationship.”, said Ben Stacks, BankUnited executive vice president and head of Commercial Real Estate.