Property Name: 440 West 41st Street
Address: 440 West 41st street New York, NY
Property Type: Multifamily
Acquisition Date:4/1/2015

Property Description

JREA along with a joint venture partner originated a loan which was secured by a hard contract on 440West 41 st Street New York NY. The property had undergone a partner dispute and there was a court order to sell the property. A few weeks before the planned closing it became apparent that the buyers were not going to be able to close on the property and the partnership would have to close on the property or risked losing our deposit. As we felt like the property was being sold for a below market price, we worked with a lender to close on this $27M transaction in under 2 weeks. After taking over the property JREA was involved in the management and worked to stabilize the property. After a few months an opportunity came up and the lender purchased JREA’s membership interest in the partnership. The IRR on this transaction was 3360%.

◉SOLD