Werwaiss Properties Secures $55.6M Construction Loan From JPMorgan Chase For Long Island City Office & Mixed-use Property
25-36 Jackson Avenue, Long Island City, NY, USA
$55,600,000
$473/SF
Building Size
117,547 SF
Asset Type
Mixed-use
Closing
Sep 6, 2021
About this deal
AI
The property involved in this transaction is located at 25-36 & 27-10 Jackson Avenue in Long Island City. It is an office and mixed-use building spanning a total of 117,547 square feet. The transaction took place on September 7, 2021.
Summary of transaction details
- Property Type: Office & Mixed-use
- Transaction Amount: $55,600,000
- Address: 25-36 & 27-10 Jackson Avenue
- Market: Long Island City
- Lender: JPMorgan Chase
- Landlord: Werwaiss Properties
- Loan Type: Construction
The lender in this transaction is JPMorgan Chase, while the property is owned by Werwaiss Properties. The loan obtained for this transaction amounts to $55,600,000 and is of construction type.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93