A joint venture between investment firms 109Co and Meadow Partners has secured a 56.7 million dollar loan to refinance a residential complex in the Manhattan district of New York. The property is located in the East Village and comprises two separate multi-family apartment buildings. Prime Finance acted as the lender for the transaction.
The structuring of the financing was arranged by a brokerage team from real estate services firm Walker & Dunlop. On the advisory side, Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Ianno and Emily Robertson handled the deal between the owners and the lender.
Amenities and structure of the residential complex
The ensemble encompasses the addresses 305 East 11th Street and 310 East 12th Street. In total, the property comprises 88 residential units offering a wide spectrum of layouts. The range spans from compact studio flats to spacious four-bedroom apartments.
- —Lift facilities and dedicated building security systems
- —Landscaped outdoor garden area
- —Individual storage spaces for residents
- —Newly fitted modern fitness centre
The complex was recently comprehensively renovated and upgraded by the owners. These structural works brought the property up to modern residential standards, permanently enhancing the appeal of the rental units in central Manhattan.
Operational management and market environment
As part of the repositioning, 109Co will manage both buildings independently. For this purpose, the company is utilising 620 MGMT, an in-house platform established specifically for operational property management.
Neither representatives of 109Co nor Meadow Partners responded to requests for comment regarding details of the transaction. With the financing in place, the partnership has established a stable foundation for the long-term management of its modernised residential portfolio in the East Village.
