GAIA Real Estate said Thursday it had extended its $48-million loan with Raymond James Bank for its Williamsburg multifamily property, 55 Hope. The extension pushes the loan’s maturity to August 23, 2026.
The locally based investor originally acquired 55 Hope at the height of the COVID-19 pandemic, when many investors and tenants were retreating from New York City. By providing tenant concessions at acquisition and upgrading the building amenities with a refurbished rooftop and new co-working space, GAIA stabilized the property and positioned it for future growth.
Today, the property’s net operating income is 30% higher than at the time of acquisition, according to GAIA.
“We are proud to continue our partnership with Raymond James, which has supported us in realizing 55 Hope’s potential,” said Danny Fishman, CEO and cofounder at GAIA Real Estate. “This extension reflects both the strength of the property’s performance and our confidence in the market going forward.”
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