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

New-Build MXU in East Village Snares $81M Refi

Cushman & Wakefield advised affiliates of Benenson Capital Partners and Mack Real Estate Group in obtaining an $81-million refinancing of the construction loan for Eve, a newly-built mixed-use property in the East Village. The 10-year fixed-rate financing was provided by Helaba.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Steven Kohn, Alex Hernandez, TJ Sullivan and Emily Johansen represented the borrower.

“Eve was remarkably well-received by the debt markets, given its location directly on the newly-renovated L train and the fact that the retail component is fully-leased,” said Kohn.

“Helaba was able to work with the structure of the existing debt, and provide an extremely pricing-efficient execution via a credit enhancement of the existing bonds, ultimately allowing our client a more favorable rate while optimizing proceeds,” added Hernandez.

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For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

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