John A. Werwaiss Of Werwaiss Properties Secures $130 Million Refinance Loan From Barings

A multi-family asset located at 23-10 42nd Road and 42-34 24th Street in Long Island City encompasses a total square footage of 232,971. The property is characterized by its portfolio of 240 apartment units. The loan amount secured for refinancing is $130 million, which replaces a previous loan of $110 million from Corebridge Financial.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $130,000,000
• Lender: Barings
• Landlord: John A. Werwaiss - Werwaiss Properties
• Loan Type: Refinance

The refinancing transaction was orchestrated under the management of Werwaiss Properties, which is led by John A. Werwaiss. This deal highlights the strategic financial maneuvering within the Long Island City market, enhancing the property's financial positioning.