Samson Refinances Multifamily Portfolio With $155M From Chase
Chase Commercial Term Lending East provided a $155.4 million loan package to Rego Park-based Samson Management to refinance a portfolio of 12 multifamily properties in Queens and Westchester County, Mortgage Observer has first learned.
The loans from Chase went to pay off $110 million in debt from Sovereign Bank—now Santander Bank—which closed in April 2010. The new loan package carries a five-year fixed interest rate in the low 3 percent range with a 25-year amortization after the initial five-year term, according to the borrower.
The portfolio of buildings includes a 208-unit property at 144-67 41st Avenue in Flushing, a 49-unit property at 45-54 41st Street in Long Island City, a 238-unit property at 120 Pelham Road in New Rochelle and a 285-unit property at 300 Hayward Avenue in Mount Vernon. The 12 buildings contain more than 1,500 rental units combined.
Chase CTL East Head Chad Tredway, Regional Manager Robert Keenan and Vice President Dan Fine negotiated the deal. The transaction marks the largest loan package Chase CTL East has ever closed.
The deal benefitted from a new program offered by the bank that covers processing, appraisal, lender legal and filing fees, Mr. Tredway said.
“Chase is fully committed to expanding its presence in the New York market and partnering with high quality sponsors like Samson is key to making that happen,” he said.
Mr. Tredway declined to comment on whether or not the bank took the deal through a broker. Two other people familiar with the negotiations said there were at least two brokers vying for the deal, but that the borrower ended up going directly with Chase.
“The entire process was smooth and easy from the initial offer to closing,” Samson Management Senior Vice President John Bianco told MO. “The Chase team delivered what they promised.”