Steven Witkoff, Lincoln E. Benet & Theodore L. Koenig Refinance Condo Loan For $525M In West Chelsea

The asset involved is a condo located at 500 West 18th Street in the West Chelsea market. The property was refinanced for a total loan amount of $525,000,000. This loan is structured as a refinance, primarily aimed at carrying unsold inventory and supporting the commercial component of the luxurious condo development.

Summary of transation details:

• Property Type: Condo
• Transaction Amount: $525,000,000
• Lender: J.P. Morgan Chase & TYKO Capital
• Landlord: Steven Witkoff - Witkoff, Lincoln E. Benet - Access Industries & Theodore L. Koenig - Monroe Capital
• Loan Type: Refinance

The refinancing was facilitated with lenders including Ares Management and JPMorgan, ensuring the project's financial strategy is aligned with its commercial ambitions. The landlords involved in this transaction represent notable industries, contributing to the high-profile nature of the deal.