Camber Property Group And Osborne Association Secure $138.4 Million Construction Loan In Chelsea Manhattan
550 West 20th Street
$138,400,000
$1,444/SF
Building Size
95,837 SF
Asset Type
Special Purpose
Closing
Jun 30, 2026
AI
The property asset at 550 West 20th Street in Chelsea, Manhattan, is a Special Purpose building with a total square footage of 95,837. It has secured a construction loan amounting to $138,400,000 from the NYS Housing Finance Agency.
Summary of transaction details:
- Property Type: Special Purpose
- Transaction Amount: $138,400,000
- Address: 550 West 20th Street
- Market: Chelsea, Manhattan
- Lender: NYS Housing Finance Agency
- Landlord: Rick Gropper - Camber Property Group
- Co-Landlord: Jonathan Monsalve - Osborne Association
- Loan Type: Construction
In this transaction, Camber Property Group and Osborne Association, represented through Chelsea Beacon Housing Development Fund Corporation, are key stakeholders, having secured the substantial loan to finance the construction of the specialty building located at 550 West 20th Street.
Players
West Special Purpose Market Snapshot
Boundary boundary · Special Purpose · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93