Square Mile Capital Provides $55M Refinance Loan To Multifamily Property At 517 West 29th Street, West Chelsea Arts District
517 West 29th Street, New York City, New York 10001, United States
$55,000,000
$782/SF
Building Size
70,280 SF
Asset Type
MultiFamily
Closing
Dec 31, 2021
AI
The property involved in this closed transaction is a multifamily asset located at 517 West 29th Street in the West Chelsea Arts District. The property spans an impressive 70,280 square feet.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $55,000,000
- Address: 517 West 29th Street
- Market: West Chelsea Arts District
Churchill Real Estate, represented by Justin Ehrlich and Sorabh Maheshwari, acted as the landlord in this transaction. The property was refinanced through a loan provided by Square Mile Capital. Christopher Peck and Peter Rotchford, from JLL, served as the brokers involved in the deal.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93