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Madison Realty Capital Provides $173M Loan For West Chelsea Development Site

Property Image
FINANCED
$173,000,000

New York

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Development Site173,000,000 SF
Financed 10/16/2020
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Property Image
FINANCED

Madison Realty Capital Provides $173M Loan For West Chelsea Development Site

241 W 28th St, New York, NY 10001, USA

See Similar Deals
Development Site173,000,000 SF
Financed 10/16/2020
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1
Total Square Footage:173,000,000 SF
Transaction Type:Loan

The development site located at 241 West 28th Street in West Chelsea has been involved in a closed transaction. The property consists of 479 units, with 30% of them being affordable housing. The loan image for this transaction features Josh Zegen, MaryAnne Gilmartin, and Adi Chugh. The deal took place on October 16, 2020.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $173,000,000
  • Address: 241 West 28th Street
  • Market: West Chelsea
  • Units: 479 (30% Affordable)

MAG Partners, Safanad, Atalaya Capital Management, and Qualitas are the landlords involved in this transaction. Madison Realty Capital acted as the lender. Additionally, Adi Chugh from Maverick Capital represented the deal. Jeff Rosen, of MAG Partners, served as the landlord representative.

Players

Adi Chugh
TYKO Capital
Adi Chugh
23 deals$5.1B volume
BROKER
Adi Chugh
TYKO Capital
Adi Chugh
23 deals$5.1B volume
BROKER
Madison Realty Capital
Madison Realty Capital
LENDER
Atalaya Capital Management
Atalaya Capital Management
LENDER
Atalaya Capital Management
Atalaya Capital Management
LANDLORD
S
Safanad
LANDLORD
MP
MAG Partners
LANDLORD

Details

FINANCED
IMAGE: IMAGE: Josh Zegen, @MaryAnneGilmartin & Adi Chugh DATE: 10/16/2020 ADDRESS: 241 West 28th Street MARKET: West Chelsea ASSET TYPE: Development Site ~ UNITS: 479 (30% Affordable) LENDER: @MadisonRealtyCapital LANDLORD: MAG Partners, Safanad, Atalaya Capital Management & Qualitas : Adi Chugh – Maverick Capital LANDLORD REP: Jeff Rosen – MAG Partners LOAN AMOUNT: $173,000,000 LOAN […]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$173,000,000.00

Monthly NOI$1,153,333.33
Monthly Debt Service$1,093,477.68
Change in Cash Flow$0.00
Refinance Proceeds$0.00