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

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

$173,000,000

$1/SF

Building Size

173,000,000 SF

Asset Type

Development Site

Closing

Oct 15, 2020

AI

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