Wolkoff Group ups recorded debt by $50M with Fannie Mae in LIC

The Wolkoff Group through the entity G&M Realty 2 LLC as borrower signed a loan with lender Fannie Mae adding $50 million of recorded debt to an existing $300 million loan at 5 Pointz, at 22-44 Jackson Avenue in Long Island City, Queens.

The deal closed on February 21, 2024 and was recorded on February 22, 2024.

The signatory for Wolkoff Group was David Wolkoff. The signatory for Fannie Mae was Douglas Higgs. This is an additional $50 million which was an unrecorded “pledge loan” M&T Bank gave in 2022 but was then assigned to Fannie Mae and is now being recorded. To record it there was $1.5 million in tax. The senior secured debt is $300 million, originated by M&T Bank and assigned to Fannie Mae.

The block

On the tax block, there was one building construction project filed totaling 1,016,851 square feet. It is a 1,122-unit, 1,016,851 square-foot residential (R-2) building submitted by Wolkoff Group and filed by David Wolkoff with plans filed July 22, 2014 and permitted May 21, 2015.

The borrower

The PincusCo database currently indicates that Wolkoff Group owned at least one commercial property with 1,122 residential units in New York City with 1,093,567 square feet and a city-determined market value of $245.6 million. (Market value is typically about 50% of actual value.) The portfolio has $348.6 million in debt, borrowed from JPMorgan Chase and M&T Bank. The portfolio consists of at least a single D6 property. It is located in Queens.

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