GAIA Inks $48M Loan Extension for Williamsburg Multifamily Building

GAIA Real Estate Holdings has sealed a one-year extension for its $48 million loan on a multifamily property in Williamsburg, Brooklyn, Commercial Observer has learned.

The loan from Raymond James Bank backs a 117-unit apartment building at 55 Hope Street that GAIA acquired for $80 million in 2022 from Hope Street Capital. The extension pushes the maturity date to Aug. 23, 2026. The Hope Street building, which sits midblock between Havemeyer Street and Marcy Avenue, was built in 1907 and renovated in 2012.

“We are proud to continue our partnership with Raymond James, which has supported us in realizing 55 Hope’s potential,” Danny Fishman, CEO and co-founder at GAIA Real Estate, said in a statement. “This extension reflects both the strength of the property’s performance and our  confidence in the market going forward.” 

Following its 2022 acquisition, GAIA provided tenant concessions while also adding coworking space and refurbishing the building’s rooftop. The property’s net operating income is now 30 percent higher than three years ago, according to GAIA.

Officials at Raymond James Bank did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.