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JLL Secures $56M for Passive House Project in Gramercy Park
JLL Capital Markets recently secured $56 million in construction financing for the development of 202 E. 23rd St., a mixed-use, passive house designed, multifamily property in the Gramercy Park submarket.
The firm represented the sponsor, SMA Equities, to place the construction loan with Bank Leumi USA. Senior managing director Evan Pariser with JLL represented the borrower.
202 E. 23rd is a 20-story residential building that will consist of 80 market-rate units and 28 affordable housing units. It’s being developed on two adjacent lots, offering 47 feet of frontage along Third Avenue and 100 feet of frontage along East 23rd Street.
“This project highlights SMA Equities’ success, diligence and resilience throughout the battle of the pandemic,” said Pariser. “This property combines distinct architectural elements and passive house features that will prove to be remarkably comfortable for residents in addition to being highly energy efficient.”
Rendering courtesy of Hill West Architects.
- ◦Development
- ◦Financing
