Square Mile Capital Provides $183M Construction Financing For Mixed-Use Development In Chelsea
258-278 8th Avenue, Chelsea, New York, NY, USA
$183,000,000
$4,632/SF
Building Size
39,500 SF
Asset Type
Mixed-use
Closing
Jul 15, 2021
About this deal
AI
In a recent transaction in Chelsea, a mixed-use development located at 258-278 Eighth Ave. changed hands. The property, known for its diverse range of uses, including residential, commercial, and retail, attracted significant attention from investors. The deal was finalized on 07/16/2021.
Summary of Transaction Details:
- Property Type: Mixed-use development
- Date: 07/16/2021
- Address: 258-278 Eighth Ave.
- Market: Chelsea
The new owner of the property is Alchemy-ABR Investment Partners & JJ Operating Inc. As part of the transaction, they secured a construction financing loan from Square Mile Capital Management, amounting to $183,000,000. The loan will provide the necessary capital for future development and improvements on the property. Laurie Golub, Kenneth Horn, and Craig Solomon represented the borrowers in the loan agreement.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93