William Jemal Of JJ Operating Secures $185M Refinance Loan From Marc Rowan Of Apollo Global Management
278 8th Avenue
$185,000,000
$1,112/SF
Building Size
166,285 SF
Asset Type
Mixed-use
Closing
Apr 11, 2025
About this deal
AI
The property asset involved in the transaction is a mixed-use building located at 278 8th Avenue in Chelsea, Manhattan. The site encompasses a total square footage of 166,285 and comprises 190 residential units. The deal includes a refinancing loan from Apollo Global Management, amounting to $185,000,000.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $185,000,000
- Address: 278 8th Avenue
- Market: Chelsea, Manhattan
- Asset Size: 166,285 SF
- Units: 190
- Lender: Marc Rowan - Apollo Global Management
- Landlord: William Jemal - JJ Operating
- Loan Type: Refinance
William Jemal, representing JJ Operating, secured the refinancing loan from Marc Rowan of Apollo Global Management. The transaction for the four commercial condo units closed on April 11, 2025, with JJ Operating being the largest owner on the tax block.
On the Map
$185,000,000
$1,112/SF
Mixed-use
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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
0.09%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93