Blue Sea Development Company Secures $18 Million Refinance Loan From Principal Real Estate Investors
225 8th Avenue, 219 8th Avenue & 303 West 21st Street
$18,000,000
Units
98
Asset Type
MultiFamily
Closing
Jun 16, 2026
AI
The transaction involves three multifamily properties located at 225 8th Avenue, 219 8th Avenue, and 303 West 21st Street in the Chelsea market of Manhattan. The properties together contain a total of 98 residential units and encompass 89,233 square feet. The refinancing loan secured by Blue Sea Development Company amounts to $18 million.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $18,000,000
- Units: 98
- Address: 225 8th Avenue, 219 8th Avenue, 303 West 21st Street
- Market: Chelsea, Manhattan
- Lender: Principal Real Estate Investors
- Landlord: Blue Sea Development Company
- Loan Type: Refinance
Blue Sea Development Company, through Galileo Associates, facilitated the refinancing loan from Principal Real Estate Investors, focusing on securing financial support for their three multifamily properties in Chelsea.
Players
Rochester MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93