Benchmark Real Estate Secures $44.5 Million Refinancing for East Village Apartment Building

Benchmark Real Estate Group has successfully secured a $44.5 million refinancing loan for its 61-unit apartment building located at 194 East Second Street in Manhattan's East Village. The financing, provided by Citi, was arranged by a JLL team comprising Michael Zaremski, John Flynn, and Clayton Ross. This transaction allows Benchmark to optimize its capital structure for a key asset in a highly competitive submarket.

The six-story property, which Benchmark acquired in 2024, has undergone significant capital improvements since its purchase. It features a mix of residential units and 15,450 square feet of ground-floor retail space, anchored by a Duane Reade convenience store. The building is noted for its unique position within the East Village, offering luxury rental amenities such as a fitness center, a resident lounge, a landscaped courtyard, an elevator, and an attended lobby—features uncommon for boutique properties in the area. This refinancing underscores continued investment in high-quality urban residential and mixed-use properties.