Barone Management signs $32M refi with Metropolitan Commercial in Jamaica

Developer Barone Management and Growing Up Green Charter School through the entity JJSS Jamaica CF LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $32 million for two industrials including the industrial (W2) at 89-25 161st Street in Jamaica, Queens and industrial (W2) at 89-17 161st Street in Jamaica, Queens.
The deal closed on June 11, 2021 and was recorded on June 28, 2021.
The two properties have 46,228 square feet of built space and 89,030 square feet of additional air rights for a total buildable of 135,270 square feet according to PincusCo analysis of city data. The loan price per built square foot is $692 and the price per buildable square foot is $236 per the PincusCo analysis.
The signatory for Barone Managment and Growing Up Green Charter School was John Silviano and Matthew Greenberg.

This loan includes a $6 million subordinate loan.
Within a 400-foot radius of 89-17 161st Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on January 28, 2020 for a 30,990-square-foot R-2 building with 70 residential units residential units at 161-01 89th Avenue.
Of those three items, two were loans above $5 million totaling $14.5 million. The most recent of the two was Jamaica Center Holding which borrowed $6 million from Valley National Bank secured by the 57,721-square-foot, 26-unit office building (O3) on 90-04 160th Street on April 3, 2020.

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