JPMorgan Chase Lends $44M for Mount Sinai Wellness Center Harlem Project
Park-It Management has inked $44 million of financing for its construction of a new Mount Sinai Health System wellness center in Harlem, Commercial Observer has learned.
JPMorgan Chase (JPM) provided the floating-rate loan for the planned medical office development at 160 West 124th Street, which had formerly operated as a four-story parking garage. A Cushman & Wakefield (CWK) equity, debt & structured finance team of Gideon Gil, Preston Flammang and Alex Lapidus represented the borrower.
“JPMorgan Chase made it very quick, easy and relatively painless for a construction loan of that amount,” said Gary Spindler, managing partner at Park-It Management. “We’re excited to create a build-to-suite project for Mount Sinai.”
Spindler said once completed around winter 2022, 160 West 24th Street will serve as one of the most prominent medical buildings in Upper Manhattan. The property, which is leased to Mount Sinai’s Icahn School of Medicine, will feature several Mount Sinai departments and clinics consolidating under one roof, according to Spindler.
“We’re thrilled to be working with Park-It Management on a project that will impact the local medical community,” Scott Towbin, managing director for J.P. Morgan’s real estate banking business, said in a statement. “We’re continuing to see build-to-suit projects evolve the real estate space.”
Located on the south side of 124th Street between Adam Clayton Powell Jr. Boulevard and Malcom X Boulevard, the 12-story building will feature unobstructed surroundings that enable views of Central Park and Midtown Manhattan on the upper floors. The property is located near 10 subway lines, 20 bus routes and the Harlem-125th Street Metro North station.
“We are excited to be part of bringing such a transformative project to the Harlem neighborhood,” Flammang said in a statement. “Park-It Management worked closely with Mount Sinai to provide a build-to-suit solution.”
Officials for Mount Sinai did not immediately respond to a request for comment on the transaction.
Update: This post has been updated with a quote from Scott Towbin, managing director for J.P. Morgan’s real estate banking business