Douglaston Development & Ares Management Secure $560 Million Refinance Loan From Goldman Sachs & Wells Fargo

The property asset involved in this transaction is a multifamily building located at 311 11th Avenue in the West Chelsea market. It comprises 941,000 square feet and consists of 938 units.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $560,000,000
• Loan Type: Refinance
• Lender: Goldman Sachs & Wells Fargo
• Landlord: Douglaston Development & Ares Management
• Brokers: Drew Fletcher & Bryan Grover - Greystone; Paul Fried, Jonathan Firestone, Jordan Roeschlaub & Nick Scribani - Newmark

The transaction saw significant involvement from prominent brokers representing both sides. Drew Fletcher and Bryan Grover were with Greystone, while the Newmark team consisted of Paul Fried, Jonathan Firestone, Jordan Roeschlaub, and Nick Scribani.