J.P. Morgan Lends $18M on Olshan Properties’ Hudson Yards Resi Building
By Mack Burke December 7, 2017 5:02 pm
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J.P. Morgan Chase has provided a $17.8 million loan to Olshan Properties to refinance its 17-story residential building at 440 West 34th Street in Hudson Yards, according to records filed today with the city’s Department of Finance.
The financing replaces and consolidates roughly $1.7 million in previous debt and provides $16.1 million in additional debt in the form of a gap promissory note to Olshan, a 55-year-old, family-run real estate owner and operator based in New York.
Built in 1928, the 119,194-square-foot building is comprised of 134 units and was last renovated in 1987, according to information from PropertyShark.
J.P. Morgan has been rather busy on the west side of Manhattan as of late, recently lending $70 million to George Comfort & Sons to refinance 307 West 38th Street, a 20-story office building with an alternate address of 307-317 West 38th Street between Eighth and Ninth Avenues.
The bank refinanced a $35 million loan on George Comfort & Sons’ 302,326-square-foot office building that was originated by Barclays in May 2014 and placed in the J.P. Morgan-sponsored JPMBB 2014-C21 CMBS conduit transaction, according to Trepp data. The loan represented 2.84 percent of the remaining collateral in the CMBS deal. J.P. Morgan supplemented the refinance with $35 million of additional debt in the form of a bridge loan.
Officials at Olshan Properties did not immediately return a request for comment. A representative for J.P. Morgan did not immediately return a request for comment on the transaction.
