Updated Aug 21, 2026
DESCO Real Estate Secures $12 Million Bridge Loan For The Chelsea Collection In Chelsea, NYC
406 West 25th Street
$12,000,000
$1,224/SF
Building Size
9,800 SF
Asset Type
MultiFamily
Closing
Aug 10, 2026
About this deal
AI
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.
On the Map
$12,000,000
$1,224/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93