David Werner Real Estate And 601W Companies Secure $100M Loan From J.P. Morgan Chase For Office Acquisition

The asset involved is a 21-story office building located at 205 East 42nd Street in the Manhattan market. The acquisition was secured for a total price of $165 million, with financing arrangements amounting to $100 million from J.P. Morgan Chase.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $165,000,000
• Loan Amount: $100,000,000
• Lender: J.P. Morgan Chase
• Landlord: David Werner - David Werner Real Estate and Mark Karasick - 601W Companies
• Brokers: Jordan Roeschlaub, Nick Scribani, Adam Spies, Douglas Harmon, Adam Doneger, Joshua King, Marcella Fasulo & Avery Silverstein - Newmark

A joint venture between David Werner Real Estate Investments and 601W Companies was established to facilitate the acquisition of the office building from the Durst Organization. The transaction involved multiple brokers representing the parties, culminating in the securing of financing necessary for the deal.