Rialto Capital Provides $31M Refi for Lower East Side Multifamily Portfolio
By Andrew Coen June 9, 2025 12:38 pm
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GAIA Real Estate Holdings has secured a $31.1 million loan to refinance a portfolio of mixed-use multifamily assets on Manhattan’s Lower East Side, property records show.
Rialto Capital Management provided the loan for four Gaia-owned properties encompassing 84 apartments and seven ground-floor commercial units, according to property records made public June 3.
JLL arranged the transaction with a capital markets team featuring Scott Aiese, Alex Staikos and Christopher Pratt.
“This portfolio was highly attractive to lenders as it benefits from strong, consistent demand driven by the Lower East Side’s vibrant culture, high walkability and proximity to major employment hubs,” Aiese said in a statement.
The properties include 102 Norfolk Street, 106 Norfolk Street, 177 Ludlow Street and 99 Allen Street. The portfolio comprises 70 market-rate and 14 affordable apartment units with retail units consisting of a convenience store along with six food and beverage tenants, according to JLL.
Officials at Rialto Capital and Gaia did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
