[[{“value”:”
JLL Arranges $56M Recapitalization and $30.9M Financing for Manhattan Luxury Property
JLL Capital Markets has successfully arranged a $56 million recapitalization along with $30.9 million in financing for 10 Rutgers Street, a luxury multifamily property located in the Two Bridges neighborhood on Manhattan’s Lower East Side. The eight-story building houses 83 upscale residential units and 6,357 square feet of fully occupied ground-floor retail space.
The recapitalization was completed on behalf of AMAC, a Manhattan-based real estate investment firm that serves as owner, operator, and developer of the property. JLL represented AMAC in securing a new equity partnership with Tokyu Land US Corporation, a subsidiary of Japan-based Tokyu Fudosan Holdings Group. The JLL team also arranged financing for the newly formed partnership through Japan’s Mitsubishi UFJ Financial Group, Inc.
JLL’s Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Rob Hinckley and Jeffrey Julien, and Managing Directors Steven Rutman and Guthrie Garvin. Debt advisory services were provided by Managing Directors Lauren Kaufman and Michael Shmuely, along with Director John Flynn.
Originally constructed in 2001, 10 Rutgers Street underwent a comprehensive renovation in 2020 under AMAC’s ownership, modernizing the property to meet the demands of luxury urban living. The building now features a mix of one-, two- and three-bedroom units, combining design sophistication with prime downtown access.
This recapitalization and financing effort marks a significant investment in the continued development and revitalization of the Two Bridges area, further establishing the neighborhood as a hub for high-end residential living in Lower Manhattan.
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