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J.P. Morgan Chase And Tyko Capital Provide $1.2 Billion Refinance For Manhattan Luxury Towers

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FINANCED
$1,200,000,000

New York

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Condo
Financed 08/16/2024
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FINANCED

J.P. Morgan Chase And Tyko Capital Provide $1.2 Billion Refinance For Manhattan Luxury Towers

500 West 18th Street

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Condo
Financed 08/16/2024
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Summary

NEW YORK
Asset Type:Condo
Transaction Type:Loan

The asset involved in this transaction is a condo located at 500 West 18th Street in Manhattan. The refinancing loan amount for this property totals $1,200,000,000. The property encompasses luxury condos and is part of the One High Line development, which includes a hotel.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $1,200,000,000
  • Lender: Jamie Dimon - J.P. Morgan Chase & Company; Adi Chugh & David Glanzman - TYKO Capital
  • Landlord: Alex Witkoff - Witkoff; Len Blavatnik - Access Industries
  • Loan Type: Refinance

The refinancing was backed by Elliott Investment, facilitating a significant financial arrangement for luxury towers on Manhattan's west side. Key individuals involved in the transaction include Jamie Dimon from J.P. Morgan Chase, Adi Chugh, and David Glanzman representing TYKO Capital, along with landlords Alex Witkoff and Len Blavatnik.

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LENDER

Details

FINANCED
IMAGE: Jamie Dimon, Len Blavatnik, Adi Chugh, Alex Witkoff & David Glanzman DATE: 08/16/2024 ADDRESS: 500 West 18th Street MARKET: Manhattan ASSET TYPE: Condo LENDER: Jamie Dimon - J.P. Morgan Chase & Company (@JPMorgan); Adi Chugh & David Glanzman- TYKO Capital LANDLORD: Alex Witkoff (@AlexWitkoff) - Witkoff (@WitkoffCo); Len Blavatnik - Access Industries BROKERS: Aaron Appel, Keith Kurland (@KaKurland), Jonathan Schwartz (@JonSchwartz) & Adam Schwartz (@AdamSchwartz88) - Walker & Dunlop (@WalkerDunlop) LOAN AMOUNT: $1,200,000,000 LOAN TYPE: Refinance NOTE: JPMorgan Chase and Tyko Capital, backed by Elliott Investment, financed nearly $1.2 billion for luxury towers on Manhattan's west side. The refinancing covers One High Line, featuring luxury condos and a hotel. -Witkoff

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$1,200,000,000.00

Monthly NOI$8,000,000.00
Monthly Debt Service$7,584,816.28
Change in Cash Flow$0.00
Refinance Proceeds$0.00