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

Property Image
FINANCED
$14,500,000
Joey Cohen
Alex Smith

New York

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Industrial370,000 SF
Financed 08/28/2025
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Property Image
FINANCED

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

58 2nd Avenue

See Similar Deals
Industrial370,000 SF
Financed 08/28/2025
Joey Cohen
Alex Smith
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Industrial
Price Per Square Foot:$39
Total Square Footage:370,000 SF
Transaction Type:Loan

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.

Players

Joey Cohen
Regal Ventures
Joey Cohen
11 deals$148.6M volume
BROKER
J.P. Morgan Chase
J.P. Morgan Chase
LENDER
Alex Smith
Regal Ventures
Alex Smith
8 deals$108.3M volume
LANDLORD

Details

FINANCED
IMAGE: Alex Smith & Joey Cohen DATE: 08/28/2025 ADDRESS: 58 2nd Avenue MARKET: Gowanus, Brooklyn ASSET TYPE: Industrial ~ SF: 370,000 LENDER: J.P. Morgan Chase (@JPMorgan) LANDLORD: Alex Smith & Joey Cohen - Regal Ventures LOAN AMOUNT: $14,500,000 LOAN TYPE: Refinance NOTE: Regal Ventures refinanced 58 2nd Avenue in Gowanus with a $14.5 million loan from JPMorgan Chase, replacing $16 million in prior debt from Santander Bank.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$14,500,000.00

Monthly NOI$96,666.67
Monthly Debt Service$91,649.86
Change in Cash Flow$0.00
Refinance Proceeds$0.00