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Chase Bank Provides $12.5M Loan For Retail Condo Portfolio Acquisition In Jamaica, Morris Park, And Midwood

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FINANCED
$12,500,000

New York

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80,200 SF
Financed 07/30/2019
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Property Image
FINANCED

Chase Bank Provides $12.5M Loan For Retail Condo Portfolio Acquisition In Jamaica, Morris Park, And Midwood

147-01 Jamaica Ave, Jamaica, NY 11435, USA

See Similar Deals
80,200 SF
Financed 07/30/2019
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Summary

NEW YORK
Price Per Square Foot:$155
Total Square Footage:80,200 SF
Transaction Type:Loan

The retail condo located at 147-01 Jamaica Avenue, 2141-2147 White Plains Road, 2092-2100 Grand Concourse, and 1409-1424 Avenue M has been involved in a closed transaction. The property spans 80,200 square feet and was purchased for a total loan amount of $12,500,000. The lender for the transaction was Chase Bank. The property is owned by Visabe Corp, with Salomon Cojab as the landlord. The transaction was facilitated by broker Josh Ernst from Sovereign Capital Group.

Summary of transaction details

  • Property Type: Retail Condo
  • Transaction Amount: $12,500,000
  • Square Footage: 80,200
  • Addresses: 147-01 Jamaica Avenue, 2141-2147 White Plains Road, 2092-2100 Grand Concourse, 1409-1424 Avenue M
  • Market: Jamaica, Morris Park, Midwood
  • Lender: Chase Bank
  • Landlord: Visabe Corp – Salomon Cojab
  • Broker: Josh Ernst – Sovereign Capital Group

The involvement of Josh Ernst from Sovereign Capital Group as the broker highlights his role in representing the buyer or seller in this transaction. His expertise and knowledge in the retail condo market have ensured a successful deal.

Players

1 deal$12.5M volume
BROKER


J.P. Morgan Chase
LENDER

Salomon Cojab
5 deals$28.2M volume
LANDLORD

Salomon Cojab
5 deals$28.2M volume
LANDLORD

Salomon Cojab
5 deals$28.2M volume
LANDLORD

Details

FINANCED
IMAGE: Josh Ernst & Ceasar Salama DATE: 07/30/2019 ADDRESSES: 147-01 Jamaica Avenue, 2141-2147 White plains road, 2092-2100 Grand Concourse, 1409-1424 Avenue M MARKET: Jamaica, Morris Park, Midwood ASSET TYPE: Retail Condo LENDER: Chase Bank LANDLORD: Visabe Corp – Salomon Cojab BROKER: Josh Ernst – Sovereign Capital Group LOAN AMOUNT: $12,500,000 SF: 80,200

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$12,500,000.00

Monthly NOI$83,333.33
Monthly Debt Service$79,008.50
Change in Cash Flow$0.00
Refinance Proceeds$0.00