Rose Associates & Marmara Group secure $47m loan for redevelopment of 301 East 94th Street in Manhattan
Posted On February 22, 2022
Rose Associates, the New York-based multifamily real estate developer, in partnership with the Marmara Group has secured a loan of $47 million to renovate and reposition 301 East 94th Street in New York City. The 32-story building on the Upper East Side consists of 108 apartments. Currently unoccupied, the property was built in 1989 by the Marmara Group and has long operated as The Marmara Manhattan, a mix of short- and long-term rentals.
Marc Ehrlich, Chief Investment Officer at Rose Associates, said: “We are excited to embark on this project and thrilled at the opportunity to redevelop this well located, high- quality building. Along with our partners, we look forward to creating a fully reimagined 301 East 94th Street.”
A spokesperson at The Marmara Group, said “We believe in the importance of developing value-driven investment projects and the partnership with Rose Associates is a key step in enhancing value for this property”.
BankUnited furnished the loan to the partnership of Rose and Marmara. Cushman & Wakefield’s Equity, Debt & Structured Finance team of Steve Kohn, Alex Hernandez and Alex Lapidus managed the loan placement, and Alan S. Cohen from ABS Partners served as advisor to the Marmara Group. Rose began renovating the property earlier this year and anticipates re-opening the building in Spring 2023.
“BankUnited is extremely pleased to have provided financing to the Rose/Marmara team for the renovation of 301 East 94 th Street. We look forward to the successful completion of the property and furthering our relationship.”, said Ben Stacks, BankUnited executive vice president and head of Commercial Real Estate.SOURCE:
About Rose Associates, Inc.
Based in New York, Rose Associates is a developer, owner and operator of premium residential properties. From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate. The firm oversees more than 26,000 units across New York, with approximately $2 billion in projects under development. Rose recently opened the historic skyscraper 70 Pine Street, which the firm is transforming into a luxury rental property with 644 residential units, 132 extend-stay apartments and a destination restaurant/lounge occupying the top four floors.