JLL Capital Markets has successfully arranged a significant recapitalization for 10 Rutgers Street, an eight-story, 83-unit luxury multifamily property situated in Manhattan’s Two Bridges neighborhood. The transaction involved a $56 million recapitalization and an additional $30.9 million in financing, underscoring continued investor confidence in prime New York City real estate.
Key Takeaways
- JLL Capital Markets orchestrated a $56 million recapitalization and $30.9 million financing for 10 Rutgers Street.
- The property is an eight-story, 83-unit luxury multifamily building with ground-floor retail.
- AMAC, a New York-based real estate firm, was represented by JLL in the recapitalization.
- Tokyu Land US Corporation, part of Japan’s Tokyu Fudosan Holdings Group, is the new recapitalization partner.
- Mitsubishi UFJ Financial Group, Inc. of Japan is involved in the financing for the new collective sponsorship.
Property Details and Renovation
Located at 10 Rutgers Street on Manhattan’s Lower East Side, the property boasts a mix of one-, two-, and three-bedroom residences. The building, originally constructed in 2001, also features 6,357 square feet of fully occupied ground-floor retail space. AMAC, the owner, operator, and developer, completed a comprehensive renovation of the property in 2020, enhancing its appeal and value.
Transaction Team and Sponsors
The JLL Capital Markets team leading the Investment Sales and Advisory was comprised of senior managing directors Rob Hinckley and Jeffrey Julien, alongside managing directors Steven Rutman and Guthrie Garvin. The debt advisory services were managed by managing directors Lauren Kaufman and Michael Shmuely, with director John Flynn also contributing. AMAC, the seller and existing owner, partnered with Tokyu Land US Corporation for the recapitalization. The financing was arranged on behalf of the new collective sponsorship, which includes Japan’s Mitsubishi UFJ Financial Group, Inc.
Market Context
This transaction highlights the ongoing activity and investment interest in New York City’s multifamily sector. Properties like 10 Rutgers Street, offering luxury amenities and prime locations, continue to attract significant capital. The involvement of international financial groups like Tokyu Land US Corporation and Mitsubishi UFJ Financial Group underscores the global appeal of the city’s real estate market.