JPMorgan Chase Provides $3.5M Refinance Loan For Retail Property In Bronx
FINANCED
$3,500,000
New York
See Similar DealsRetail10,138 SF
Financed 07/22/2022
FINANCED
JPMorgan Chase Provides $3.5M Refinance Loan For Retail Property In Bronx
580 East 138th Street
See Similar DealsRetail10,138 SF
Financed 07/22/2022
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$345
Total Square Footage:10,138 SF
Transaction Type:Loan
The property involved in this transaction is a retail asset located at 580 E. 138th St. in the Bronx. It spans a total of 10,138 square feet and is owned by S6 Management. The property was recently refinanced through a loan secured from JPMorgan Chase with a loan amount of $3,500,000. The loan carries a fixed interest rate of 4.71% and has a term of 10 years. It is a non-recourse loan, providing additional protection to the borrower.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $3,500,000
- Address: 580 E. 138th St.
- Market: Bronx
- Square Footage: 10,138
The loan was facilitated by B6 Real Estate Advisors, with Nicole Schmidt and Lynn Marcello representing the landlord, S6 Management. They played a crucial role in negotiating and finalizing the refinancing deal on behalf of the property owner. The involvement of JPMorgan Chase as the lender highlights their confidence in the property's value and potential.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$3,500,000.00
Monthly NOI$23,333.33
Monthly Debt Service$22,122.38
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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