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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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