A joint venture between 109Co and Meadow Partners refinanced a two-building multifamily complex in Manhattan's East Village for $56.7 million. Prime Finance provided the debt. Walker & Dunlop arranged the transaction through a team led by Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Ianno, and Emily Robertson.
The properties at 305 East 11th Street and 310 East 12th Street contain 88 units ranging from studios to four-bedroom apartments. Amenities include elevators, an outdoor garden area, personal storage areas, on-site security systems, and a new fitness center. The complex has been recently renovated. 109Co will manage each building through 620 MGMT, a dedicated property management platform.
The refinance allows the joint venture to access capital against existing equity in the stabilized East Village asset. For multifamily owners in the market, this deal shows that lenders remain active in the Manhattan rental space for well-maintained complexes with solid rental demand.