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