Loeb Hall - 135 East 12th Street
Forkosh Development Group · Investor Offering

Loeb Hall 135 East 12th Street Manhattan

Institutional student housing in prime Manhattan — near Union Square Park. 16-story purpose-built dormitory, 280 beds, 60,000 SF — vacant and lease-ready.

$0M
Equity Raise
$0M
Investor Return
~$0M
Refi Target
"Long-term college lease on a purpose-built Manhattan dormitory."
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Deal Snapshot

Key investment metrics

$0M
Equity Raise
$0M
Investor Return Target
~$0M
Refinance Target
$0M
Senior Debt
Citizens Bank @ 5.25%
0
Beds
0,000 SF
Building Size

Return and refinance figures are sponsor targets based on lease execution assumptions. Not guarantees.

The Location

Near Union Square Park

  • 2 blocks from Union Square transit hub
  • East Village / Greenwich Village corridor
  • Dense university cluster driving student demand
  • Supply-constrained Manhattan submarket
  • 16-story purpose-built dormitory
  • 280 beds across 60,000 SF
Satellite view - 135 East 12th Street near Union Square
The Property

Purpose-built Manhattan dormitory

  • Address135 East 12th Street, New York, NY
  • Stories16
  • Configuration153 Rooms / 280 Beds
  • Building Size60,000 SF
  • DeliveryVacant — lease-ready
  • Debt$30M from Citizens Bank at 5.25%

Building Configuration

0
Suites
0
Single Rooms
0
Double Rooms
0
Resident Director
Student Lounge Fitness Center Laundry

Positioned as an institutional campus housing solution — not a traditional apartment building.

Floor Plans

Building layout

Typical Floor Plan
Typical Floor Plan
5 Suites · 20 Beds per Floor
Lower Level
Lower Level
Lounge · Gym · Laundry · Practice Rooms
Business Plan

Acquire · Lease · Refinance

A short-duration institutionalization strategy. Clear catalyst. Defined timeline. Lease-backed income profile.

01
Acquire

Close on Loeb Hall

Capitalize the transaction with $16M equity alongside $30M in senior debt from Citizens Bank at 5.25%.

02
Lease

Institutional Tenancy

Execute a long-term double net lease with an institutional college tenant. Stabilize cash flow and remove operational risk.

03
Refinance

Target ~$70M Refinance

Target refinance in 24–36 months at approximately $70M. Institutional tenancy drives lender confidence and valuation.

04
Return Capital

Recycle Equity

Recycle equity through the refinance event while retaining long-term upside. Target $7M return to investors.

Near-term de-risking through institutional tenancy, followed by a refinance that returns capital to investors in 24–36 months.

Total Equity Raise
$0,000,000

Track record and return figures are sponsor-provided and should not be construed as guarantees. Sources: JLL OM and sponsor assumptions.

Deal Summary

Loeb Hall · 135 East 12th Street, Manhattan

Property 16-Story Dormitory153 Rooms · 280 Beds · 60,000 SF
Location East Village, Manhattan2 blocks from Union Square
Delivery Vacant — Lease-Ready
Equity Raise $16,000,000
Senior Debt $30,000,000Citizens Bank @ 5.25%
Investor Return Target $7,000,000
Refinance Target ~$70,000,00024–36 months
Strategy Acquire · Lease · RefinanceDouble net lease, institutional tenant
Sponsor Steve Forkosh3,000+ units · $28M NOI · $4B+ development
Building Config 70 Suites · 26 Singles · 127 Doubles+ 1 Resident Director Unit
Amenities Lounge · Fitness · Laundry

Return and refinance figures are sponsor targets based on lease execution assumptions. Not guarantees.
Sources: JLL OM and sponsor assumptions.