Jeff Sutton secures $125M to refi Harlem retail building
JPMorgan Chase, Morgan Stanley are the lenders for the Whole Foods-anchored property
Jeff Sutton’s Wharton Properties locked down $125 million to refinance its six-story retail building on West 125th Street in Harlem.
JPMorgan Chase and Morgan Stanley provided the financing, the Commercial Observer reported. The financing is comprised of a first mortgage and a mezzanine loan, according to the publication. The loan replaces $102 million in financing from Natixis Real Estate Capital, which was provided for the construction of the building at 100 West 125th Street over the past two years, according to the publication.
Whole Foods will anchor the 200,000-square-foot building, which is on the corner of Lenox Avenue. The store is due to open this summer. Other tenants include American Eagle, Olive Garden, TD Bank and Burlington Coat Factory.