Alchemy Properties signs $230M condo inventory loan with JPMorgan Chase for 58 units in Upper West Side

Alchemy Properties through the entity 378 WEA Owner LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $230 million for 58 condominium units at 378 West End Avenue in Upper West Side, Manhattan.
The deal closed on February 16, 2022 and was recorded on March 1, 2022. The prior lender was Bank OZK which held debt that had an original loan amount of $230 million.

The signatory for Alchemy Properties was Kenneth S. Horn. The signatory for JPMorgan Chase was Simon B. Burce.

Kenneth Horn is the president and founder of Alchemy Properties.
On the tax block, the majority, or 82 percent of the 836,073 square feet of built space are residential elevator buildings, with specialty buildings next occupying 6 percent of the space.
Within a 400-foot radius of 378 West End Avenue, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $400,000 and one permit with a total initial cost of $755,650. The most recent of these two items was the permit on February 22, 2022 for an R-3 building with one residential unit at 326 West 77th Street.
Of those 12 items, four were sales above $5 million totaling $42.8 million. The most recent of the four was Chestnut Holdings which bought the 41,931-square-foot, 48-unit rental (D3) on 325 West 77th Street for $15.4 million from Susan Wilson on August 2, 2021.
Of those 12 items, six were loans above $5 million totaling $106.2 million. The most recent of the six was Louis Malone which borrowed $7.4 million from Apple Bank for Savings secured by the 45,976-square-foot, 55-unit rental (C7) on 2191 Broadway on February 15, 2022.

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