Wildflower Ltd. signs $34.7M refi with JPMorgan Chase for industrial in Hunts Point

Wildflower Ltd. through the entity Wf Industrial VIII LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $34.7 million for the industrial (Z9) at 1340 East Bay Avenue in Hunts Point, Bronx.
The deal closed on October 14, 2021 and was recorded on November 10, 2021.
The property has 19,200 square feet of built space and 220,800 square feet of additional air rights for a total buildable of 240,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,807 and the price per buildable square foot is $144 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on June 17, 2020, for $26.5 million.
The signatory for Wildflower Ltd. was Matthew A. Dicker.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $150,000.

There have been 2 demolition projects filed over the past five years. One of the projects were to change the building from a D-2 to an S-1 and were permitted on October 7, 2020.
Simultaneously with this financing, Wildflower created a fee interest and a ground lease interest, both at the address of Wildflower. The ground lease runs to June 2070.

Within a 400-foot radius of 1340 East Bay Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were one permit applications with a total initial cost of $18.7 million and one permit with a total initial cost of $278,909. The most recent of these two items was the filing on December 23, 2020 for a 260,000-square-foot S-2 building with no residential units at 1340 Viele Avenue.

Direct link to Acris document. link