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Loan · Industrial

Updated Jun 5, 2025

Artimus Secures $91M Construction Loan For Industrial Building In Gowanus, Brooklyn
FINANCEDIndustrial

Artimus Secures $91M Construction Loan For Industrial Building In Gowanus, Brooklyn

$91,000,000

Units

140

Asset Type

Industrial

Closing

Feb 1, 2024

About this deal

AI

An industrial building located at 164 4th Avenue in Gowanus, Brooklyn has secured a $91 million construction loan. The property, with a total square footage of 114,431, is slated for a 140-unit residential development project led by Roee Wiczyk. The loan was obtained from JPMorgan Chase and the Community Preservation Corporation through Cpc Mortgage Company LLC.

Summary of transation details

  • Property Type: Industrial
  • Transaction Amount: $91,000,000
  • Market: Gowanus, Brooklyn
  • Built Square Feet: 114,431
  • Lender: JPMorgan Chase
  • Lender's Representative: Rafael E. Cestero - Community Preservation Corporation (CPC)
  • Landlord: Ronen Haron
  • Landlord's Representative: Artimus

An interesting note about this transaction is that Artimus, represented by Ronen Haron, secured the construction loan. The collaboration between JPMorgan Chase and the Community Preservation Corporation through Cpc Mortgage Company LLC will fund the development project led by Roee Wiczyk for the transformation of the industrial building into a residential complex.

Players

J.P. Morgan Chase
J.P. Morgan ChaseLender

Market Industrial Market Snapshot

Boundary boundary · Industrial · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.17%

Cash-on-Cash

-0.05%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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