SMA Equities has successfully obtained a $70.635 million Fannie Mae loan to refinance 200 East 23rd St., a newly constructed, 20-story mixed-use property in the desirable Gramercy Park neighborhood. This marks the first time that Fannie Mae has financed a Passive House certified property. The loan, secured through Fannie Mae’s Near-Stabilization program, is for a fixed-rate term of ten years with interest-only payments.
Gemma Gramercy, also known as 200 East 23rd St., offers modern living with its collection of studio, one- and two-bedroom apartments. The development boasts top-of-the-line amenities such as a rooftop terrace, fitness center and co-working space. What sets this building apart is its Passive House design which significantly reduces energy consumption by up to 85% compared to traditional apartment buildings. As of closing date, the property was already occupied by approximately eighty percent (80%) with residents moving in starting May of next year.
The JLL Capital Markets team led by Evan Pariser along with Michael Shmuely , Michael Zaremski and John Flynn facilitated the financing from Fannie Mae for this groundbreaking project without mentioning any specific location or brand names.
