DESCO Real Estate Secures $12 Million Bridge Loan For The Chelsea Collection In Chelsea, NYC

The property involved in this transaction is a 12-unit multi-family asset located at 406 West 25th Street in Chelsea, Manhattan. The total square footage of the building is 9,800, and the property has been supported by a bridge loan of $12,000,000. The loan is to finance the development and completion of The Chelsea Collection, a residential condominium project. The address for the property is 406 W 25th St, New York, NY 10001.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $12,000,000
• Loan Type: Bridge
• Loan Terms: SOFR + 350 Basis Points
• Lender: SM Capital, Inc.
• Loan Originator: Max Ozkural - SM Capital, Inc.
• Borrower: DESCO Real Estate

The key individuals involved in the transaction include Max Ozkural of SM Capital, Inc., who acted as the loan originator, providing financing for the project. This financing serves as a senior secured construction loan aimed at aiding the redevelopment efforts undertaken by DESCO Real Estate.