October 8, 2019
L+M Development Partners has secured a $52.8-million refinancing for The Niko East Village, a 12-story mixed-use rental building in the East Village.
The Niko is a New York State Housing & Community Renewal (HCR) bond-funded project, with the refinancing secured through a direct purchase with Wells Fargo’s Municipal Capital Strategies and Multifamily Capital divisions. For the project’s 2016 construction financing, HCR issued tax-exempt and taxable Housing Revenue Bonds, which were purchased by TD Bank.
“We are grateful to have worked with our public and financial partners to secure permanent financing for The Niko East Village,” said L+M’s Isaac Alshihabi. “The East Village is a diverse community of thinkers, creators and doers, and the Niko fits right in.”
The fully-leased, 110-unit Niko includes a landscaped rooftop with sweeping views, cabana seating and a BBQ area, among other amenities. There is a Rite Aid on the property’s ground floor.
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