Empire Management Secures $21.5 Million Refinance Loan From Derby Copeland Capital For Chelsea Multifamily

The asset involved in this transaction is a 31-unit residential elevator building located at 216 8th Avenue in Chelsea, Manhattan. The property has a total square footage of 32,325 and is situated in a prime market area.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $21,500,000
• Lender: Derby Copeland Capital
• Landlord: Fred Ohebshalom - Empire Management
• Loan Type: Refinance
• Prior Loan Amount: $12,200,000 from Flagstar Bank

The refinancing was facilitated by Derby Copeland Capital, representing the financing activities for Empire Management, which is managed by Fred Ohebshalom, an active real estate player in the Chelsea area.