Search
 

Developers Secure $55M in Financing for Chelsea Tower

NEW YORK CITY-A partnership secures approximately $55 million to finance the acquisition and development of a site in the north section of Chelsea. The group plans a 53-unit condo with retail space, parking, a fitness room and meditation garden.

By Barbara Jarvie | Updated on January 22, 2006

(To read more on the multifamily market, click here.)

NEW YORK CITY-An investment partnership called 261 West LLC will demolish three vacant buildings in North Chelsea and erect an 11-story condominium complex. The group secured $55 million in financing for the acquisition and development of the project.

The financing consisted of a $46-million senior loan and a $9-million mezzanine loan. They were provided by separate divisions of a major international commercial bank. Sonnenblick Goldman arranged the financing package.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.