Time Century Holdings Refinances NoMad Multifamily Properties With $19.8 Million Loan From Ellington Management Group

The asset involved in this transaction is a multifamily property situated at 47 West 28th Street, 51 West 28th Street, and 45 West 28th Street in the NoMad neighborhood of Manhattan. The total square footage of the asset is 39,204. The transaction involved a loan for refinancing purposes.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $19,800,000
• Loan Type: Refinance
• Lender: Ellington Management Group
• Landlord: Time Century Holdings
• Previous Debt: $21.3 million Wells Fargo debt

The refinancing deal was executed by Time Century Holdings, which oversees several landmark Tin Pan Alley buildings as part of their portfolio. The critical financial maneuver involved replacing an existing loan with the new financing provided by Ellington Management Group.