Innovo, Nan Fung Group borrow $359M from Athene, Axonic for LIC office property

November 22, 2019 7:06 am

Andrew Chung’s Innovo Property Group and Hong Kong’s Nan Fung Group borrowed a combined $359.2 million in recorded debt in two deals for the office building at 24-02 49th Avenue in Long Island City, one for $250 million with Athene Annuity and Life Company and the other for $109.2 million with Axonic Capital.

The entire debt package was reported to be $438 million.

In the first deal, Andrew Chung’s Innovo Property Group and Hong Kong’s Nan Fung Group through the entity Ipg Lic 49th Ave Lower Floor Units Property Owner as borrower signed a loan agreement with lender Athene Annuity and Life Company through the entity Athene Annuity And Life Company Doing Business In valued at $250.0 million for 4 parcels, including the tax class commercial condo recorded in Acris (CC) at 24-02 49th Avenue in Long Island City. The deal closed on November 4, 2019 and was recorded on November 21, 2019.

This is the lower portion of the building, and it secures a loan from Athene, an affiliate of Apollo Global Management. The last time the property sold was November 4, 2019, when Innovo bought the entire building for $413.8 million from its partner, Westbook Partners.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
Andrew Chung’s Innovo Property Group and Hong Kong’s Nan Fung Group borrows $109M from Axonic Capital for property in Long Island City{

In the second deal, Andrew Chung’s Innovo Property Group and Hong Kong’s Nan Fung Group through the entity Ipg Lic 49th Ave Upper Floor Unit Property Owner as borrower signed a loan agreement with lender Axonic Capital through the entity Axspv LLC Series Sbl Cre Lender valued at $109.2 million for 1 parcel, including the tax class commercial condo recorded in Acris (CC) at 24-02 49th Avenue in Long Island City. The deal closed on November 4, 2019 and was recorded on November 21, 2019.

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

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