April 2, 2025 – CenterSquare’s Private Real Estate Debt team recently provided preferred equity subordinate to a pre-existing Freddie Mac senior loan for a 21-story, 179-unit multifamily rental property (the Property) in the Upper East Side neighborhood of Manhattan, New York. The Property is in proximity to multiple subway lines, providing convenient access throughout Manhattan, plus nearby grocery stores, retail, restaurants, bars, and park.
The Property was 96% leased at closing and consists of a majority of market-rate units with some rent-stabilized units, ranging in size from studios, 1-bed/1-bath to 2-bed/2-bath. In unit amenities include large floor plans, wood plank style flooring, central air conditioning, large windows providing scenic views and large closets. Additionally, the Property is amenitized with a 24-hour doorman, a 24-hour attended garage, a fitness room with a sauna, and a laundry room.
The Sponsor is a joint venture between an experienced, vertically-integrated real estate management and investment firm with property management, asset management and construction capabilities, and an investment management partner. The venture intends to implement a similar renovation plan as they have executed in other assets in their portfolio.
