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JP Morgan Chase Provides $9M Refinance Loan For Mixed-Use Property On Bowery Street In Chinatown

Property Image
FINANCED
$9,000,000
Jacob Rochlitz
Morris Diamant
+ 1

New York

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Mixed-use23,244 SF
Financed 10/19/2022
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Property Image
FINANCED

JP Morgan Chase Provides $9M Refinance Loan For Mixed-Use Property On Bowery Street In Chinatown

Bowery Street

See Similar Deals
Mixed-use23,244 SF
Financed 10/19/2022
Jacob Rochlitz
Morris Diamant
+ 1
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$387
Total Square Footage:23,244 SF
Transaction Type:Loan

A mixed-use property located in Chinatown / Lower Manhattan on Bowery Street has been refinanced for a loan amount of $9,000,000. The property spans a total square footage of 23,244 and is represented by brokers Morris Diamant, Jacob Rochlitz, and Joseph Akerman from Meridian Capital Group. The loan was provided by JP Morgan Chase, with David A. Lewis serving as the lender's representative. The loan terms include a 5.07% interest rate.

Summary of Transaction Details

  • Property Type: Mixed-Use
  • Transaction Amount: $9,000,000
  • Address: Bowery Street
  • Market: Chinatown / Lower Manhattan
  • Square Footage: 23,244

This transaction involved the participation of Morris Diamant, Jacob Rochlitz, and Joseph Akerman from Meridian Capital Group as the brokers representing the property. Their expertise and negotiation skills played a vital role in facilitating the refinancing deal. JP Morgan Chase, represented by David A. Lewis, provided the loan at a competitive interest rate of 5.07%.

Players

Morris Diamant
25 deals$543.3M volume
BROKER

Jacob Rochlitz
Meridian Capital Group
1 deal$9M volume
BROKER

Joseph Akerman
Meridian Capital Group
5 deals$67.6M volume
BROKER


2 deals$9M volume
LENDER

2 deals$9M volume
LENDER

J.P. Morgan Chase
LENDER

Details

FINANCED
IMAGE: Morris Diamant & Jacob Rochlitz DATE: 10/19/2022 ADDRESS: Bowery Street MARKET: Chinatown / Lower Manhattan ASSET TYPE: Mixed-Use ~ SF: 23,244 LENDER: JP Morgan Chase - David A. Lewis BROKERS: Morris Diamant, Jacob Rochlitz & Joseph Akerman - Meridian Capital Group LOAN AMOUNT: $9,000,000 LOAN TYPE: Refinance LOAN TERMS: 5.07% Rate

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$9,000,000.00

Monthly NOI$60,000.00
Monthly Debt Service$56,886.12
Change in Cash Flow$0.00
Refinance Proceeds$0.00