Jones Lang LaSalle (JLL) has arranged $89m in financing backing four residential rental properties in New York City.
In the largest of the transactions, Santander and TPG teamed up to provide $63m in recapitalization financing to Magnum Real Estate Group’s Bloom 62 luxury rental building at 62 Avenue B in the East Village neighborhood of Manhattan.
The lenders originated a $44m senior loan and a $19m in mezzanine loan, respectively, on the 81,000 sq ft property.
Magnum, headed by New York City developer Ben Shaoul, completed the conversion of the the former Cabrini Center for Nursing and Rehabilitation about two years ago. It now houses 81 rental units, a rooftop deck, fitness center and bike storage.
In a separate transaction, M&T Bank provided a $26m loan to Cayuga Capital Management for three mixed-use properties in Brooklyn’s Bushwick neighborhood: 184 Noll Street, 324 Melrose Street, and 286 Stanhope Street. The three rental properties contain 63 residential rental units, seven commercial spaces and 28 parking spaces.
JLL Capital Markets completed $118bn in investment sale and debt and equity transactions globally in 2014. Aaron Appel and Michael Diaz of JLL’s Capital Markets team arranged the financings, along with Mark Kindrachuck on the 62 Avenue B deal.