GAIA secures acquisition financing for East Village portfolio
JLL Capital Markets arranged the $36 million loan for the three adjacent residential properties
NEW YORK, September 9, 2021 - JLL Capital Markets announced today it has arranged $36 million in financing for the acquisition of three rental residential properties with a total of 71 units at 50-58 East Third St. in Manhattan’s East Village neighborhood.
JLL worked on behalf of the borrower, GAIA Real Estate, to originate the floating-rate loan through Bank of America.
The property primarily consists of two- and three-bedroom apartments and offers a limited number of larger layouts. The buildings were substantially renovated in 2013 and are currently 98.6% occupied. All units feature high-quality finishes, stainless steel appliances, Caesarstone quartz countertops, subway tile bathrooms and waterfall sinks. The property also includes a virtual doorman system, key fob entry and 24/7 video surveillance.
The three-property residential portfolio is located on the south side of East 3rd Street between First and Second avenues in Manhattan’s East Village neighborhood. The property is conveniently situated less than three blocks from the F train at Second Avenue and is within a five-minute walk from the 6 train at Bleecker Street and A, B, D, F, M lines at the Broadway-Lafayette subway station.
The JLL Capital Markets team representing the borrower was led by Managing Director Scott Aiese and Director Alex Staikos.
“GAIA identified an ideal off-market investment opportunity in one of New York City’s most dynamic neighborhoods,” said Aiese. “This portfolio is very well positioned for long-term capital appreciation.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GAIA Real Estate
GAIA Real Estate is a privately held, vertically integrated real estate investment firm headquartered in New York City. Since its inception in 2009, the firm has acquired and operated 77 properties totaling 18,000 residential units, worth over $3 billion. GAIA has significant experience in New York City and other key markets in the USA.