Regal Ventures Refinances Gowanus Industrial Property At 58 2nd Avenue For $14.5M With J.P. Morgan Chase

The asset involved in this transaction is an industrial property located at 58 2nd Avenue in Gowanus, Brooklyn. It encompasses a total square footage of 370,000. The property has been refinanced with a loan amount of $14,500,000, addressing previous debt obligations.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $14,500,000
• Address: 58 2nd Avenue
• Market: Gowanus, Brooklyn
• Lender: J.P. Morgan Chase
• Landlord: Alex Smith & Joey Cohen - Regal Ventures
• Previous Debt: $16,000,000 from Santander Bank

The deal involved key parties including lenders J.P. Morgan Chase and landlords Alex Smith and Joey Cohen, who are affiliated with Regal Ventures. This refinancing was executed to replace an existing loan, demonstrating a strategic financial maneuver by the landlords.