**JLL Arranges $56M Recapitalization and $30.9M Financing for Luxury Multifamily Asset in Lower East Side**
JLL Capital Markets has successfully arranged a $56 million recapitalization and $30.9 million in financing for 10 Rutgers Street, an eight-story luxury multifamily property located in Manhattan’s Two Bridges neighborhood on the Lower East Side.
The property, which includes 83 residential units and 6,357 square feet of fully leased ground-floor retail, initially opened in 2001. It underwent significant renovations in 2020 by AMAC, a Manhattan-based real estate investment owner, operator, and developer.
JLL represented AMAC in the recapitalization of the property, partnering with Tokyu Land US Corporation, a U.S. division of Japan-based Tokyu Fudosan Holdings Group. The financing was arranged on behalf of the new ownership group in partnership with Japan’s Mitsubishi UFJ Financial Group, Inc.
JLL’s Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Rob Hinckley and Jeffrey Julien, along with Managing Directors Steven Rutman and Guthrie Garvin. The Debt Advisory team included Managing Directors Lauren Kaufman and Michael Shmuely, and Director John Flynn.
This transaction underscores continued foreign investor interest in New York City’s multifamily sector and the growing appeal of the Two Bridges neighborhood for luxury residential development.
