Eric Miller borrows $14.2M from JPMorgan Chase for multifamily properties in Flatbush

Eric Miller entities refinanced $14.2 million in debt with JPMorgan Chase Bank in two transactions for properties in Flatbush, including $3.4 million in new debt.

In the larger transaction, Eric Miller through the entity Ocean417 LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $7.4 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 60 residential units at 417 Ocean Avenue in Flatbush. The deal closed on May 12, 2020 and was recorded on May 14, 2020.
The property contains a total of 67,426 square feet of built space.
The average loan per unit is $123,000.
The borrower obtained $1.1 million in new debt with this financing package.

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

In the second transaction, Eric Miller through the entity Parcrook LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank, N.A., valued at $6.8 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 57 residential units at 89 Crooke Avenue in Flatbush. The deal closed on May 12, 2020 and was recorded on May 14, 2020.
The property contains a total of 36,578 square feet of built space.
The average loan per unit is $119,737.
The borrower received $2.3 million in new debt. The last time the property sold was August 12, 2013, for $8,650,000.

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