Peter J. Pappas Jr Secures $27 Million Refinancing Loan For Office Building In Chelsea Manhattan
135 West 18th Street
$27,000,000
$514/SF
Building Size
52,500 SF
Asset Type
Office
Closing
Sep 28, 2026
About this deal
AI
The asset involved in the transaction is an office building located at 135 West 18th Street, in the Chelsea market of Manhattan. The building measures 52,500 square feet and has a buildable square footage of 62,872. The transaction involved a refinancing loan of $27 million.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $27,000,000
- Address: 135 West 18th Street
- Market: Chelsea, Manhattan
- Lender: Michael William Vranos - Ellington Management Group
- Landlord: Peter J. Pappas Jr
- Loan Type: Refinance
The refinancing loan for the office building was secured by Peter J. Pappas Jr. from Ellington Management Group, represented by Michael William Vranos. This deal highlights the financial arrangements made for the property within the Manhattan market.
On the Map
$27,000,000
$514/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93