Seagis Property Group borrows $38M from JPMorgan Chase for property in Queens

Seagis Property Group through the entity SPG JFK Ii LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $38 million for 16 parcels, including the tax class unlicensed parking lot (G7) at 176 Street, 147-48 175th Street, 147-31 176th Street, 175-18 147th Avenue, 167-43 148th Avenue, and others in Springfield Gardens. The deal closed on July 3, 2020 and was recorded on July 17, 2020.
The property has 272,914 square feet of built space and available development rights.
The average loan per buildable square foot is $139.
This financing includes $17.1 million in new debt added to $21 million JPMorgan Chase lent in 2016. Seagis on the same day borrowed $67 million against 40 properties, some of which are cross collateralized with the properties in the $38 million loan.

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