Georgetown Company borrows $30M from JPMorgan Chase for property in Chelsea

Adam Flatto’s Georgetown Company through the entity 260 Twelfth Avenue Holdings LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank, N.A. valued at $30.0 million for 1 parcel, including the tax class miscellaneous warehouse (E9) at 260 12th Avenue in Chelsea. The deal closed on December 23, 2019 and was recorded on January 8, 2020.
The property contains a total of 7,701 square feet of built space. The property has 1,123,649 square feet of available development rights.
The average loan per buildable square foot is $27.
The development firm took out debt for the first time on the parcel, which as of 2014 had the potential for a 1.13 million square foot office tower. Georgetown refinanced 787 11th Avenue one year ago.

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

Share this article