GAIA Lands One-Year Extension on Williamsburg Multifamily Loan
GAIA Real Estate has secured an additional one-year extension of its $48-million loan with Raymond James Bank for 55 Hope, a 117-unit multifamily property in Williamsburg, Brooklyn. The extension pushes the loan’s maturity to August 2027.
“We are pleased to continue our partnership with Raymond James at 55 Hope,” said Danny Fishman, CEO and co-founder, GAIA Real Estate. “We acquired the property at the height of the COVID-19 pandemic, amid significant uncertainty in New York, and have since increased net operating income significantly through active management and a long-term approach to value creation. This extension demonstrates our ability to identify opportunities across market cycles and position our investments for sustained performance in Brooklyn’s multifamily market.”
Originally built as a pencil factory, 55 Hope was gut-renovated in 2012 into condo-style apartments. Since its inception, GAIA Real Estate has acquired more than 20,000 residential units and managed approximately $4 billion in assets.
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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Andrew Schildcrout