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Mixed-Use in Chelsea Secures $183M Construction Financing
Square Mile Capital Management has closed on $183 million in construction financing for 258-278 Eighth Ave., a 190-unit, 210,000 gross square foot mixed-use project to be built in Chelsea. Square Mile Capital served as the mezzanine lender, with Pacific Western Bank as the senior lender.
The loan was made to Chelsea 23rd Realty, which acquired the site in August 2017 and plans to begin construction by Q1 2022. Alchemy-ABR Investment Partners, who will serve as the co-developer, arranged the project financing.
Eric Juster, Square Mile Capital VP, said, “We are bullish on the long-term demand prospects for high quality, transit-oriented multifamily product in New York City, and believe there will be substantial demand upon delivery in 2023. The sponsors have a proven track record with excellent projects throughout New York and we are excited to be financing this transaction.”
Construction is expected to begin the first quarter of 2022.
- ◦Development
- ◦Financing