Updated Jun 30, 2026
Wisdom Capital Secures $13.5 Million Refinance From Israel Discount Bank For Chelsea Multifamily
534 West 29th Street
$13,500,000
Units
6
Asset Type
MultiFamily
Closing
Jun 18, 2026
About this deal
AI
The asset involved in this transaction is a six-unit multifamily residential building located at 534 West 29th Street in the Chelsea market of Manhattan. The refinancing amounts to $13,500,000, which replaces a previous loan of $11.5 million from Hakimian Partners.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $13,500,000
- Address: 534 West 29th Street
- Market: Chelsea, Manhattan
- Lender: Israel Discount Bank
- Landlord: Michael Shahkoohi & Ramin Baratian
- Company: Wisdom Capital
- Previous Loan: $11,500,000 from Hakimian Partners
Wisdom Capital, through Highline Heights LLC, was responsible for securing the refinance. This transaction reflects a strategic financial move to improve the funding structure for the property owned by Michael Shahkoohi and Ramin Baratian.
On the Map
$13,500,000
MultiFamily
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Players
West MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.18%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93