JPMorgan Finances $600M Construction Loan For 85 Jay Street, Brooklyn Mixed-Use Development
85 Jay St, Brooklyn, NY 11201, USA
$600,000,000
$500/SF
Building Size
1,200,000 SF
Asset Type
Mixed-use
Closing
Apr 5, 2018
About this deal
AI
JPMorgan provided a construction loan of $600,000,000 for the development of 85 Jay Street in Brooklyn, NY. The property, owned by CIM, Kushner Companies, and LIVWRK, is a mixed-use development.
Summary of transaction details
- Property Type: Development – Mixed-Use
- Transaction Amount: $600,000,000
- Landlord: CIM, Kushner Companies, LIVWRK
- Lender: JPMorgan
- Address: 85 Jay Street, Brooklyn, NY
The key individuals involved in this transaction include Jamie Dimon, Shaul Kuba, Jared Kushner, Charles Kushner, and Asher Abehsera. Jamie Dimon represents JPMorgan as the lender. Shaul Kuba represents CIM, Charles Kushner represents Kushner Companies, and Asher Abehsera represents LIVWRK.
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
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93