Pasquale DeBenedictis borrows $39.6M from KeyBank for nursing home in Jamaica Hills

Pasquale DeBenedictis through the entity Chapin Acquisition II, LLC as borrower signed a loan agreement with lender KeyBank valued at $39.6 million for 1 parcel, including the tax class nursing home (I6) at 164-11 Chapin Parkway in Jamaica Hills. The deal closed on September 30, 2020 and was recorded on November 30, 2020.
The property contains a total of 97,766 square feet of built space.
The average loan per buildable square foot is $405.
This is the Margaret Tietz Nursing and Rehabilitation Center. The last time the property sold was January 30, 2019 for $38,500,000.

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 $793,500.
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