Square Mile Capital Provides $55M Refinance Loan To Multifamily Property At 517 West 29th Street, West Chelsea Arts District
FINANCED
$55,000,000
+ 1
New York
See Similar DealsMultiFamily70,280 SF
Financed 12/31/2021
FINANCED
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
See Similar DealsMultiFamily70,280 SF
Financed 12/31/2021
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$782
Total Square Footage:70,280 SF
Transaction Type:Loan
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
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$55,000,000.00
Monthly NOI$366,666.67
Monthly Debt Service$347,637.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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