Wolkoff Group refis $300M with JPMorgan Chase at 5Pointz in LIC

Wolkoff Group through the entity G&M Realty 2 LLC. as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $300 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 1115 residential units at 22-44 Jackson Avenue in Long Island City. The deal closed on February 24, 2021 and was recorded on March 29, 2021.
The property contains a total of 1,093,567 square feet of built space.
The average loan per unit is $269,058.
Wolkoff refinanced the $300 million construction loan originally given by Bank OZK in 2018. Both the JPMorgan Chase refinance and the original construction loan were arranged by the Singer & Bassuk Organization. At the same time, Wolkoff transferred the ownership from one entity he controls to another. PincusCo reported the city issued 5Poinz its initial temporary certificate of occupancy in February 2021.
Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $311,500.

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