CONFIDENTIAL · LLC members only · Read-only snapshot · Not tax advice · GFS operating LOC lives on GFS Chase Finance, not here
Partner brief
This LLC owns 131 Heartland. The Chase commercial mortgage sits here — not on Global Food Solutions. GFS leases the building and pays rent that Adams books as rental income. You three own the LLC equally.
Who owns itMitchell, Doreen, and Michael Levine — each one-third.
What it owns131 Heartland Blvd (1031 replacement for old 159 Adams Ave, Hauppauge).
The noteChase loan originated at $5.35M to this LLC; FS mortgage payable tracks Chase principal.
How cash flowsGFS pays lease rent (NetSuite 6330). Adams receives rental income and pays Chase.
Chase mortgage on Adams
Borrower is 159 Adams Ave. LLC · account
Mortgage / principal path
FS mortgage payable → latest Chase principal paste
Assets breakdown
Modified-cash compilation FS · PPE shown net only (disclosures omitted — no land/building/accum. dep. split on the face)
Asset
12/31/2024
6/30/2025
Liabilities & equity
Same compilation statements
12/31/2024
6/30/2025
Income & interest
Adams compilation statements
GFS lease (131 Heartland)
Why GFS books Rent — signed commercial lease
How GFS relates
Tenant / payer — not the borrower on this note
GFS rent trail (NetSuite 6330)
Payments to vendor 159 Adams Avenue · booked as Rent, not Chase P&I on GFS books
