Housing nonprofit signs $74.5M loan with Orix for two rentals in Far Rockaway

The nonprofit Jewish Association Serving the Aging (JASA) through the entity Israel Senior Citizens Housing Development Fund as borrower signed a loan with lender Orix Real Estate Capital valued at $74.5 million for two rentals including the 256-unit rental (D3) at 155 Beach 19th Street in Far Rockaway, Queens and 256-unit rental (D3) at 19-25 Seagirt Boulevard in Far Rockaway, Queens.
The deal closed on November 24, 2020 and was recorded on December 2, 2021.
The two properties have 289,905 square feet of built space and 15,084 square feet of additional air rights for a total buildable of 297,536 square feet according to PincusCo analysis of city data. The loan price per built square foot is $256 and the price per buildable square foot is $250 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Jewish Association Serving the Aging was Donald Manning.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $1.4 million.
JASA is a nonprofit that provides housing and services for the elderly. The loan matures on December 1, 2055. Donald Manning is Executive Director of Real Estate & Management for JASA. The prior debt that was initially $11.8 million in 2013 was paid off at the new financing.
The owners according to the Department of Housing Preservation and Development includes Donald Manning, head officer and Yhasara Humphrey, officer. The business entity is Israel Senior Citizens Hdfc.

Within a 400-foot radius of 19-25 Seagirt Boulevard, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $258.3 million. The most recent of the two was JASA which borrowed $22.6 million from Berkadia Commercial Mortgage secured by the 120,278-square-foot, 152-unit rental (D1) on 19-15 Seagirt Boulevard on July 19, 2021.

Direct link to Acris document. link