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JLL Secures Bridge Loan for Chelsea Square Offices
JLL arranged a $53-million bridge loan for Chelsea Square, a 113,629-square-foot, boutique office property at the intersection of the Chelsea, NoMad and Hudson Yards neighborhoods.
A JLL team of Christopher Peck, Peter Rotchford and Kristen Knapp worked on behalf of the borrower, HSP Real Estate Group, to secure the three-year financing through Ladder Capital.
Chelsea Square is located at 251 W. 30th St., between Seventh and Eighth avenues. Originally built in 1927, it was significantly renovated in 2017 and features flexible, boutique floorplates ranging from 5,000 to 8,000 square feet.
The location places the property within steps of New York Penn Station, Madison Square Garden, the Shops at Hudson Yards and several luxury rental properties. In addition, the property has immediate access to 14 subway lines, as well as the PATH, NJ Transit, the Long Island Rail Road and Amtrak.
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- ◦Financing
