facebook
Traded Co logo
Submit
Daily limit: 0/10

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

Property Image
FINANCED
$37,100,000

New York

See Similar Deals
MultiFamily
Financed 06/17/2025
the dealplayerscompscontact
Property Image
FINANCED

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

488 Seventh Avenue

See Similar Deals
MultiFamily
Financed 06/17/2025
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan

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.

Players

J.P. Morgan Chase
J.P. Morgan Chase
LENDER
HT
Hersel Torkian
5 deals$62.2M volume
LANDLORD
TG
Torkian Group
LANDLORD

Details

FINANCED
IMAGE: Hersel Torkian DATE: 06/17/2025 ADDRESS: 488 Seventh Avenue MARKET: Garment District, Manhattan ASSET TYPE: Multifamily ~ UNITS: 104 LENDER: JPMorgan Chase (@JPMorgan) LANDLORD: Hersel Torkian - Torkian Group LOAN AMOUNT: $37,100,000 LOAN TYPE: Refinance NOTE: Torkian Group refinanced its 104-unit building at 488 Seventh Avenue in Manhattan with a $37.1M loan from JPMorgan Chase, replacing debt from Flagstar Bank. The 88,872-sq-ft property’s new loan values it at $418 per sq ft.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$37,100,000.00

Monthly NOI$247,333.33
Monthly Debt Service$234,497.24
Change in Cash Flow$0.00
Refinance Proceeds$0.00