NexPoint through the entity Mequity 150Th Street, LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $29.8 million for 1 parcel, including the tax class warehouse or self storage (E7) at 465 West 150th Street in Hamilton Heights. The deal closed on November 6, 2020 and was recorded on December 24, 2020.
The property contains a total of 43,621 square feet of built space.
The average loan per buildable square foot is $682.
This is initial debt on an industrial building acquired in 2017. “NexPoint Storage is the product of NexPoint’s November take-private acquisition of Jernigan Capital (“JCAP”), a NYSE-listed self-storage REIT,” according to a release. The last time the property sold was June 30, 2017 for $15,600,000.
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 $1,992,200.
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