A&E Real Estate signs $506.3M refi with JPMorgan Chase Bank for 37 rentals in NYC

UPDATED 4:25 a.m., February 3, 2025: A&E Real Estate Holdings through the entity 102-43 Corona Avenue, LLC (and others) as borrower signed a refi loan with lender JPMorgan Chase Bank valued at $529.5 million for  properties including the 914-unit rental (D9) at 2225 5th Avenue in Central Harlem, Manhattan, 206-unit rental (D3) at 45 East 135th Street in Central Harlem, Manhattan, and 200-unit rental (D7) at 98-51 Queens Boulevard in Rego Park, Queens.
The deal closed on June 8, 2021 and was recorded on July 20, 2021.
The 37 properties have 2,973,899 square feet of built space and 89,833 square feet of additional air rights for a total buildable of 3,062,595 square feet according to PincusCo analysis of city data. The loan price per built square foot is $178 and the price per buildable square foot is $172 per the PincusCo analysis.
The signatory for A&E Real Estate Holdings was Darryl Smith.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $381,000.
This loan covers Riverton Houses and other buildings, with a total of 3,426 units, according to a PincusCo analysis of loan documents.
The owners according to the Department of Housing Preservation and Development includes Maggie McCormick, head officer and Brian Garland, agent. The business entity is 109-05 120th Street, Llc.

Correction: A prior version of this post said the refinanced debt totaled $529.5 million, but in fact the total debt at this financing was $506.3 million. The figure $529.5 million represents the total debt on the properties before the portfolio was refinanced and consolidated with a new loan for $506.3 million. The prior version also miscalculated the total number of residential units.

Direct link to Acris document. link