Chestnut Holdings obtained financing of $9M from JPMorgan Chase Bank

Chestnut Holdings through the entity 120-128 Sherman LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank N.A. valued at $9.5 million for 3 parcels, including the tax class multifamily, over six families without stores (C1) and containing 93 residential units at 128 Sherman Avenue, 124 Sherman Avenue, 120 Sherman Avenue in Inwood. The deal closed on August 27, 2019 and was recorded on September 05, 2019.
The property contains a total of 18,640 square feet of built space. The property has 16,020 square feet of available development rights.
The average loan per unit is $102,043.
The last time the property sold was June 04, 2015, for $14,375,000. The current $9.5 million in debt represents an 8 percent decrease from the $10.3 million in debt issued in 2015.

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