Slate Property Group And Evenhar Development Secure $159M Loan For Medical Office In East Harlem

The asset involved in this transaction is a 13-story medical office facility located at 1578 Lexington Avenue in East Harlem. The total loan amount secured for this property is $159,000,000, which comprises a $119,000,000 construction loan and $40,000,000 in preferred equity to support the building efforts. The facility will accommodate a significant lease of 150,000 square feet with Mount Sinai Health System, while additional occupancy will be provided by Children's Aid and Life Changers Church.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: $159,000,000
• Lender: J.P. Morgan Chase and GoldenTree Asset Management
• Landlord: Martin Nussbaum and David Schwartz - Slate Property Group; Oren Evenhar - Evenhar Development
• Loan Type: Construction

The key individuals in this transaction include Martin Nussbaum and David Schwartz from Slate Property Group, along with Oren Evenhar from Evenhar Development, who are responsible for the development of the facility. The partnership and funding provided by J.P. Morgan and GoldenTree Asset Management are crucial for the construction efforts of this medical and community facility.