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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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