Hakimian Capital Provides $13 Million Loan For 534 West 29th Street Multifamily Purchase In Chelsea

The asset involved in this transaction is a multifamily property located at 534 West 29th Street in Chelsea, Manhattan. The building has a total square footage of 13,427. The transaction is a note purchase with a loan amount of $13,000,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $13,000,000
• Lender: Michael Hakimian, Sammy Hakimian & Daniel Nadri - Hakimian Capital
• Landlord: Oded Norman - W29 534 Highline Owners
• Loan Type: Note purchase

This deal features key individuals including Michael Hakimian, Sammy Hakimian, and Daniel Nadri, who are all representatives from Hakimian Capital. The financing provided was for the purchase of a non-performing first mortgage loan secured by a newly constructed 9-story luxury residential condominium building.