Werber Management borrows $90M from Principal Life for newly completed property in Jackson Heights

Werber Management through the entity Roosevelt Parc LLC as borrower signed a loan agreement with lender Principal Life Insurance Company valued at $90 million for 6 parcels, including the tax class commercial condo recorded in Acris (CC) at 37-46 72nd Street in Jackson Heights. The deal closed on May 11, 2020 and was recorded on June 5, 2020.

This package refinances $61.5 million in construction debt provided by Principal and adds a gap loan of $28.5 million. Benjamin Werber was signatory for the loan secured by the newly completed mixed-use commercial and rental building that is divided into six commercial condominium units. The property received its initial TCO on October 29, 2019.

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