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New York & Tri-State  + Downtown New York  + Finance  | 

First Passive House Secures $70M Fannie Mae Loan 

SMA Equities has secured a $70.635 million Fannie Mae loan to refinance 200 East 23rd St., a newly completed, 20-story mixed-use property in Gramercy Park. This will be the first property with a Passive House certification financed by Fannie Mae. The loan is a 10-year, interest-only fixed-rate Fannie Mae loan through Fannie Mae’s Near-Stabilization program.  

The property, known as Gemma Gramercy, is a 108-unit development located on the southeast corner of 23rd Street and Third Avenue. It features studio, one- and two-bedroom residences, a rooftop terrace, fitness center, co-working space, and other amenities. The building has a Passive House design, reducing its energy usage by 85% compared to traditional apartment buildings. The property was approximately 80% occupied at closing, with the first residents taking occupancy in May 2023. 

The JLL Capital Markets team that arranged the Fannie Mae loan was led, once again, by Evan Pariser, Michael Shmuely, Michael Zaremski and John Flynn. 

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Evan Pariser

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

  • ◦Financing
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