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A joint venture between Brause Realty and Lonicera Partners has nabbed $75 million of construction financing to build a multifamily mixed-use development in Manhattan’s Murray Hill section, Commercial Observer can first report.
JPMorgan Chase (JPM) and First Citizens Bank (FCNCA) provided the loan on the sponsorship’s planned 20-story residential tower at 255 East 39th Street that will include 4,687 square feet of retail space. The project broke ground last October and is slated for completion in 2025.
Cushman & Wakefield (CWK) arranged the transaction with a team led by Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan.
“The sponsor has qualified for the Affordable New York 421a real estate tax abatement program and will provide much-needed affordable housing to the Murray Hill neighborhood of Manhattan,” Gil said in a statement.
Forty-eight of the development’s 157 units will be designated as affordable housing. Its amenities will include a fitness center, coworking space, a roof deck and a children’s playroom.
“The Brause family has owned property on this block since 1942 and is excited to finally bring this development to fruition,” David Brause, president of Brause Realty, said in a statement.
Officials at JPMorgan and First Citizens did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
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