Seagis Property Group ups debt to $67M from JPMorgan Chase for 40-parcel JFK portfolio

Seagis Property Group through the entity Seagis JFK LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $67 million for 40 parcels, including the tax class unlicensed parking lot (G7) at 162-15 Rockaway Boulevard, 148-36 Guy R Brewer Blvd, 147-29 182nd Street, 148-33 Guy R Brewer Boulevard, and others in Queens concentrated around John F. Kennedy International Airport. The deal closed on July 3, 2020 and was recorded on July 15, 2020.
The properties have a total of 560,853 square feet of built space and available development rights.
The average loan per buildable square foot is $119.
This financing includes $16.37 million in new debt. The prior debt totaling $51 million was also provided by JPMorgan Chase.
Seagis purchased the package in 2006 for $49.8 million.

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