JASA signs $22.6M acquisition loan with Berkadia for two rentals in Manhattan Beach

JASA through the entity Manhattan Beach Senior Housing L.P. as borrower signed an acquisition loan with lender Berkadia through the entity Berkadia Commerical Mortgage LLC valued at $22.6 million for two rentals including the 86-unit rental (D5) at 156 West End Avenue in Manhattan Beach, Brooklyn and 64-unit rental (D5) at 161 Corbin Place in Manhattan Beach, Brooklyn.
The deal closed on November 18, 2021 and was recorded on December 7, 2021.
The two properties have 129,990 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $173 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 JASA was Donald Manning.

The owners according to the Department of Housing Preservation and Development include Donald Manning, head officer and Sheila Connors, officer. The business entity is Manhattan Beach Hsg Dev.

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