Hersel Torkian Of Torkian Group Refinances 488 Seventh Avenue With JPMorgan Chase For $37.1M

The property involved is a multifamily asset located at 488 Seventh Avenue in the Garment District of Manhattan. It comprises 104 units and has a total square footage of 88,872 square feet. The recent refinance transaction valued the property at $418 per square foot.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $37,100,000
• Lender: JPMorgan Chase
• Landlord: Hersel Torkian - Torkian Group
• Previous Lender: Flagstar Bank
• Loan Type: Refinance

Hersel Torkian of Torkian Group completed the refinance of the property, securing a new loan that will replace the existing debt from Flagstar Bank. This transaction enables Torkian Group to restructure their financial obligations related to the asset.