Prosper Property Group Refinances Lower East Side Multifamily For $33M

Located at 63 Pitt St. in the Lower East Side market, this multifamily property spans 48,000 square feet and features 59 units. The property was recently involved in a refinancing transaction.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $33,000,000
• Address: 63 Pitt St.
• Market: Lower East Side
• Square Footage: 48,000
• Units: 59

Prosper Property Group, led by Damien Smith, serves as the landlord of the property. Michael Lee from HKS Capital represented the borrower in securing the refinancing loan from Valley Bank.

It is worth noting that Prosper Property Group acquired the site on July 1st, 2020. Over the course of the following year, they obtained entitlements for a new 12-story, 59-unit building while concurrently demolishing the existing 5-story structure on the lot. First Standard Construction served as the contractor for the project and broke ground on the new building on July 12th, 2021. The building achieved a Temporary Certificate of Occupancy (TCO) on August 31st, 2022, which was obtained 13 and a half months after construction commenced. Prior to the completion of construction and leasing, Prosper was able to secure a forward rate lock that included earn outs during the leasing and stabilization period. The team involved in this impressive project includes Prosper Property Group as the developer, First Standard Construction as the contractor, Quatela Architects as the project architect, and HKS Capital, represented by Michael Lee, as the debt broker. Hakimian Capital acted as the acquisition lender, Parkview Financial served as the construction lender, and Valley Bank provided the permanent financing.