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

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.

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Inside The Story

JLL’s Pariser

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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