Derby Copeland Capital Provides $20 Million Recapitalization Loan For Multifamily Properties In Chelsea

The property asset involved is a multifamily development located at 446 West 19th Street and 448-450 West 19th Street in the Chelsea market of Manhattan. The gross square footage of the asset totals 26,200, consisting of 7,100 square feet for one building and 19,100 square feet for another. A recapitalization loan of $20,000,000 was secured for this property.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $20,000,000
• Gross Square Footage: 26,200
• Address: 446 West 19th Street & 448-450 West 19th Street
• Market: Chelsea, Manhattan
• Lender: Derby Copeland Capital
• Landlord: Icon Realty
• Brokers: Michael Ianno & Aaron Appel - Walker & Dunlop
• Loan Type: Recapitalization

The key individuals involved in this transaction include Michael Ianno and Aaron Appel, both representing Walker & Dunlop as the brokers for the deal. Derby Copeland Capital acted as the lender for the $20,000,000 recapitalization loan. The landlord, Icon Realty, is the owner benefiting from this financing arrangement.