Chestnut Holdings borrows $11.5M from JPMorgan Chase to refi multifamily property in the Bronx

Chestnut Holdings of New York borrowed $11.5 million from JPMorgan Chase Bank to refinance multifamily property in the Bronx in two separate transactions.

In the first, Chestnut Holdings of New York through the entity 167 LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $6.1 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 69 residential units at 2 East 167th Street in Longwood Melrose. The deal closed on May 15, 2020 and was recorded on May 22, 2020.
The property contains a total of 47,058 square feet of built space.
The average loan per unit is $88,406.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $172,400.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Chestnut Holdings of New York through the entity Valentine 2851 LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $5.4 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 53 residential units at 2851 Valentine Avenue in Riverdale. The deal closed on May 15, 2020 and was recorded on May 22, 2020.
The property contains a total of 53,000 square feet of built space.
The average loan per unit is $100,943.

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 $70,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link