A Pennsylvania-based investor receives $27M in loan to buy Manhattan apartment

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JLL Capital Markets has announced that it has arranged a $26,85 million acquisition financing for The Nathaniel. The Nathaniel is a grocery-anchored 85-unit apartment complex located at 138 East 12th St., in the East Village area of Manhattan.

JLL secured financing on behalf of Westover Companies. Westover is a Pennsylvania owner-manager making its first purchase in New York City.

The Nathaniel, designed by Karl Fischer in 2014 and constructed, is a nine story property that has 85 luxury market rate apartments on the upper floors and a 18,000 square foot Westside Market at the ground level. The Zoitas Family operates eight grocery stores in Manhattan. They have a loyal customer base.

The Nathaniel, a doorman-managed building, is comprised of 33 studios and 44 one-bedrooms, as well as two two-bedrooms and six three bedroom units. It stands out in a neighborhood of walk-up tenement apartment buildings. The building’s sophisticated design is complemented by a variety of amenities for residents, including a private fitness center, bike storage, gaming and social lounge, rooftop reflecting pools, and a fully-landscaped sunset deck.

The property is located at the intersection of the East Village and Chelsea, and the transit-oriented Union Square. It sits in an area with a resident populace boosted by about 75,000 students, mainly from nearby colleges and schools, who lack student housing.

The JLL Capital Markets Debt Advisory Team that arranged financing was led Steven Klein, Jamie Leachman and Christopher Pratt. Analyst Sean O’Brien and Vice President Christopher Pratt were also part of the team.

Klein said, “The Nathaniel’s location is highly desirable and it has excellent access to amenities and transportation generators.” Westover, as a long-term owner and holder of the property for generations to come, will enjoy these benefits. The asset will perform well in years to follow.

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