JPMorgan Chase Lends $100M on Manhattan Apartment Portfolio Purchase
HUBBNYC has nabbed $99.9 million of acquisition financing for an 11-property multifamily portfolio across Manhattan’s Upper East and West sides, Commercial Observer can first report.
JPMorgan Chase provided the 10-year loan via its balance sheet program.
Cushman & Wakefield arranged the transaction with Gideon Gil, Lauren Kaufman, Zachary Kraft and Sebastian Sanchez representing the borrower. C&W’s Adam Spies, Doug Harmon and Adam Doneger arranged the sale of the portfolio, which totals 361 apartment units, from AIMCO affiliate Air Communities.
“We are thrilled to have represented the HUBBNYC team in procuring a long-term, interest-only portfolio loan from JPMorgan’s balance sheet program for their recent multifamily acquisition,” Gil said in a statement.
The portfolio totals 208,917 square feet across 24 buildings. It includes Upper West Side assets at 464-466 Amsterdam, 200-210 West 83rd Street, 182-188 Columbus Avenue and 181-199 Columbus Avenue. The portfolio’s Upper East Side properties are located at 1582 First Avenue, 306 East 89th Street, 311-313 East 73rd Street, 322 East 61st Street, 452 East 78th Street, 510 East 88th Street, 514 East 88th Street and 518 East 88th Street.
Officials for HUBBNYC did not immediately return a request for comment. JPMorgan Chase declined to comment.
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