JLL arranges $27M in acquisition financing for grocery-anchored multi-housing property in prime Manhattan neighborhood

NEW YORK, N.Y., Dec. 8, 2022 – JLL Capital Markets announced today that it has arranged $26.85 million of acquisition financing for The Nathaniel, a grocery-anchored, 85-unit apartment building located at 138 East 12th St. in the East Village neighborhood of Manhattan.

JLL worked on behalf of the buyer, Westover Companies, a Pennsylvania-based owner and manager making its first acquisition in New York City, to secure financing from BankUnited.

Designed by architect Karl Fischer and built in 2014, The Nathaniel is a nine-story property with 85 market-rate luxury apartments and an 18,000-square-foot Westside Market, occupying the ground floor. The popular family-owned grocery is one of eight operated by the Zoitas Family across Manhattan that have built a loyal following of customers.

Comprised of 33 studios, 44 one-bedroom, two two-bedroom and six three-bedroom units, totaling 49,741 rentable square feet, The Nathaniel is a doorman building that sits on the corner of Third Avenue and East 12th Street as a stand-out in a neighborhood dominated by walk-up tenement apartments. Its sophisticated design is complimented by a host of resident amenities that include a private gym, bike storage, a social and gaming lounge, rooftop reflecting pool and a fully landscaped sunset deck.

Located at the convergence of the East Village, Chelsea and transit-oriented Union Square, the property sits in a neighborhood with a resident population boosted by approximately 75,000 students from six nearby schools and colleges, which primarily lack purpose-built student housing.

The JLL Capital Markets Debt Advisory team that arranged the financing was led by Senior Managing Directors Steven Klein and Jamie Leachman, Vice President Christopher Pratt and Analyst Sean O’Brien.

Klein commented, “The Nathaniel is a Class A asset in a highly desirable location with excellent access to transportation generators and amenities. As a long-term generational holder, Westover will benefit from these attributes and the asset will continue to perform well for many years to come.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

The Westover Companies is a leading owner and property management company that is continually celebrated for providing its residents with comfortable and affordable choices in apartment living. Founded in 1965, The Westover Companies has provided quality living, shopping and office space for its customers for over 50 years. Headquartered in King of Prussia, PA, Westover has grown to include nearly 15,000 apartments in over 70 communities in the Philadelphia suburbs, New York, South Jersey, Delaware, Maryland and Florida. Additionally, the company manages two million square feet of commercial and retail space in eight shopping centers and 11 office buildings in the Philadelphia area.

BankUnited, Inc. (NYSE: BKU), with total assets of $36.6 billion at September 30, 2022 is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida that provides a full range of banking and related services to individual and corporate customers through banking centers located in the state of Florida, New York metropolitan area and Dallas, Texas. BankUnited also offers certain commercial lending and deposit products through national platforms. For additional information, call (877) 779-2265 or visit www.BankUnited.com. BankUnited can be found on Facebook at facebook.com/BankUnited.Official and on Twitter @BankUnited.