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Cheskel Schwimmer Of Chess Builders Secures $38 Million Loan From Valley National Bank For Refinance
FINANCED
$38,000,000
New York
See Similar DealsDevelopment Site
Financed 12/17/2025
FINANCED
Cheskel Schwimmer Of Chess Builders Secures $38 Million Loan From Valley National Bank For Refinance
555 West 45th Street
See Similar DealsDevelopment Site
Financed 12/17/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 555 West 45th Street in the Hell’s Kitchen market of Manhattan. The project encompasses an active residential undertaking consisting of 58 units and a total area of 53,307 square feet. The total loan amount associated with this property is $38 million through refinancing.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $38,000,000
- Loan Type: Refinance
- Lender: Valley National Bank
- Landlord: Cheskel Schwimmer - Chess Builders
The financing was arranged by Chess Builders through The Westline 555 LLC, facilitating the refinancing of the property with the loan from Valley National Bank. This transaction supports the ongoing development of the residential project at the specified address.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$38,000,000.00
Monthly NOI$253,333.33
Monthly Debt Service$240,185.85
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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