JLL Arranges Recapitalization for Two Bridges Luxury Multifamily
JLL Capital Markets arranged a $56-million recapitalization and $30.9-million financing for 10 Rutgers St., an eight-story, 83-unit luxury multifamily property with ground-floor retail located in the Two Bridges neighborhood of Manhattan’s Lower East Side.
JLL represented AMAC, a Manhattan-based real estate investment owner, operator and developer, in recapitalizing the property with Tokyu Land US Corporation, a division of Japan-based Tokyu Fudosan Holdings Group. JLL also advised on the financing on behalf of the new collective sponsorship with Japan’s Mitsubishi UFJ Financial Group, Inc.
The JLL Capital Markets Investment Sales and Advisory team was led by senior managing directors Rob Hinckley and Jeffrey Julien and managing directors Steven Rutman and Guthrie Garvin. Debt Advisory was handled by managing directors Lauren Kaufman and Michael Shmuely and director John Flynn.
Originally built in 2001, 10 Rutgers St. features one-, two- and three-bedroom units along with 6,357 square feet of fully occupied ground-floor retail. AMAC completed a major renovation in 2020.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout