Square Mile Capital Management Provides $55 Million Loan For Property At 517 W 29th St New York

517 W 29th St is a 60-unit multifamily asset located in New York, NY, at the intersection of Chelsea and Hudson Yards. The property was delivered in October 2021 and has achieved 80% lease-up. Square Mile Capital Management has closed a loan secured by this asset amounting to $55,000,000.00.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $55,000,000.00
• Address: 517 W 29th St, New York, NY, 10001
• Market: New York
• Borrower: Churchill Real Estate
• Lender: Square Mile Capital Management
• Borrower's Representatives: Peter "Pete" Rotchford-JLL, Phil Cadorette-JLL, Ricky Song-JLL, Christopher "Chris" Peck-JLL

The transaction was facilitated by JLL, with a team led by senior managing director Christopher Peck, managing director Peter Rotchford, and associates Phil Cadorette and Ricky Song representing the borrower. Square Mile Capital principal David Greenburg noted that the lending relationship with Churchill Real Estate marked an attractive opportunity in the market.