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Justin Management Secures $63.2 Million Refinance Loan From J.P. Morgan Chase For Penn Plaza Assets
FINANCED
$63,200,000
New York
See Similar DealsOffice193,000 SF
Financed 05/21/2026
FINANCED
Justin Management Secures $63.2 Million Refinance Loan From J.P. Morgan Chase For Penn Plaza Assets
856 6th Avenue & 864 6th Avenue
See Similar DealsOffice193,000 SF
Financed 05/21/2026
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$327
Total Square Footage:193,000 SF
Transaction Type:Loan
Two office assets located at 856 6th Avenue and 864 6th Avenue in Penn Plaza, Manhattan, encompass a total of 193,000 square feet. These properties are involved in a loan transaction providing financial backing for the refinancing process.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $63,200,000
- Lender: J.P. Morgan Chase
- Landlord: Justin Management
- Loan Type: Refinance
- Previous Lender: First Republic Bank
Justin Management, operating through 1239 Operating LLC, successfully finalized the refinancing transaction with J.P. Morgan Chase, effectively replacing the prior debt associated with the two properties mentioned.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$63,200,000.00
Monthly NOI$421,333.33
Monthly Debt Service$399,466.99
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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