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Chelsea MXD Gets $34 Acquisition Loan

NEW YORK CITY—The financing—provided by Madison Realty Capital—includes $5 million for upcoming renovations.

By Rayna Katz | Updated on April 24, 2015

NEW YORK CITY—Madison Realty Capital has provided $34 million of financing for the acquisition and renovation of 125 W. 16th St., a mixed-use residential and retail building in the Chelsea neighborhood of Manhattan, comprised of 40 residential units and two ground floor retail units.

The loan from MRC provides immediate acquisition funding of $29 million, followed by an additional $5 million for planned renovations. The MRC loan is expected to see the property through renovation and stabilization. In addition to existing square footage, the property has approximately 20,000 square feet of air rights.

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