Kushner Cos. Secures $36.5M Loan for East Village Multifamily Properties
Kushner Cos. has secured a $36.5M loan from Citibank for a portfolio of multifamily properties in the East Village.
Kushner Cos. has secured a $36.5M loan from Citibank for a portfolio of multifamily properties in the East Village. The properties include 23 Ave A, 99 East 3rd St, 325 East 10th St, 174 East 2nd St, and 170 East 2nd St, and consist of a total of 73 units. The loan will be used to refinance existing debt and fund renovations.
The East Village is a highly desirable neighborhood in Manhattan, known for its vibrant nightlife and diverse dining options. The properties are located in close proximity to popular bars and restaurants, as well as public transportation options.
Kushner Cos. is a real estate company founded by Charles Kushner in 1985. The company has a diverse portfolio of properties across the United States, including residential, commercial, and industrial properties.
Citibank is a global financial institution with a presence in over 160 countries. The bank offers a wide range of financial services, including commercial and investment banking, wealth management, and consumer banking.
The brokers involved in the deal have not been disclosed. However, it is likely that Kushner Cos. worked with a commercial real estate broker to secure the loan from Citibank.
The loan amount of $36.5M is a significant sum, indicating that the properties are likely to be high-value assets. The fact that the loan will be used to fund renovations suggests that Kushner Cos. is committed to improving the properties and increasing their value.
Overall, the loan from Citibank is a positive development for Kushner Cos. and the East Village multifamily market. The influx of capital will allow for improvements to the properties, which will likely increase their value and appeal to potential tenants. As the East Village continues to grow in popularity, these properties are likely to become even more valuable in the years to come.