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Steel Equities Secures $71.4M Refinancing In Greenpoint, Brooklyn From J.P. Morgan Asset Management

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FINANCED
$71,400,000

New York

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Industrial746,550 SF
Financed 05/22/2024
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FINANCED

Steel Equities Secures $71.4M Refinancing In Greenpoint, Brooklyn From J.P. Morgan Asset Management

59 Paidge Avenue, 215 Paidge Avenue & 99 Paidge Avenue

See Similar Deals
Industrial746,550 SF
Financed 05/22/2024
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Summary

NEW YORK
Asset Type:Industrial
Price Per Square Foot:$95
Total Square Footage:746,550 SF
Transaction Type:Loan

Industrial properties in Greenpoint, Brooklyn have undergone a refinancing deal with a total loan amount of $71,400,000 from J.P. Morgan Asset Management, facilitated by Leart Saliu. The properties involved in the transaction are located at 59 Paidge Avenue, 215 Paidge Avenue, and 99 Paidge Avenue.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $71,400,000
  • Address: 59 Paidge Avenue, 215 Paidge Avenue, 99 Paidge Avenue
  • Market: Greenpoint, Brooklyn
  • Lender: J.P. Morgan Asset Management - Leart Saliu
  • Landlord: Joseph Lostritto - Steel Equities

Joseph Lostritto of Steel Equities secured a refinancing deal of $71.4 million from J.P. Morgan Chase, with two transactions involved. The larger transaction, valued at $52.9 million, encompasses properties located at 59 and 215 Paidge Avenue. The second transaction, valued at $18.4 million, is for the property situated at 99 Paidge Avenue.

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LENDER

Details

FINANCED
IMAGE: DATE: 05/22/2024 ADDRESS: 59 Paidge Avenue, 215 Paidge Avenue & 99 Paidge Avenue MARKET: Greenpoint, Brooklyn ASSET TYPE: Industrial LENDER: J.P. Morgan Asset Management (@JPMorgan) - Leart Saliu LANDLORD: Joseph Lostritto - Steel Equities LOAN AMOUNT: $71,400,000 LOAN TYPE: Refinance NOTE: Steel Equities secures $71.4 million in refinancing from JPMorgan Chase for industrial properties in Greenpoint, Brooklyn. The deal involves two transactions, with the larger one valued at $52.9 million for properties at 59 and 215 Paidge Avenue, and the second at $18.4 million for the property at 99 Paidge Avenue.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$71,400,000.00

Monthly NOI$476,000.00
Monthly Debt Service$451,296.57
Change in Cash Flow$0.00
Refinance Proceeds$0.00