Novel Property Ventures borrows $15M from JPMorgan Chase to refi multifamily in Prospect Heights

Bennet Berger’s Novel Property Ventures through the entity 364 Lincoln Place Owner LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $15 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 54 residential units at 364 Lincoln Place in Prospect Heights. The deal closed on June 30, 2020 and was recorded on August 12, 2020.
The property contains a total of 51,288 square feet of built space.
The average loan per unit is $277,778.
The package refinances a $15 million loan provided by Acore Capital in 2017. The last time the property sold was December 11, 2015, when Novel Properties bought it for $23.5 million.

Over the past five years, there have been 29 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 29 renovation/alteration projects (A2) applied for with a total estimated value of $2,804,409.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link