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Retail and Office Condos in Meatpacking District Score $47M Mortgage
RIPCO Real Estate secured a $47-million loan from JPMorgan to provide first mortgage financing for 415 W. 13th St. in Manhattan’s Meatpacking District, on behalf of MacArthur Holdings. The fully leased retail and office condominium units—Unit 1S at 11,980 square feet and Unit 3S at 50,727 square feet—represent 68% of the building’s total rentable area.
RIPCO’s Capital Advisory team, led by executive managing director Adam Hakim and managing directors James Murad and Michael Winter, arranged the loan. Proceeds were used to pay off existing debt and fund necessary closing costs.
“This financing speaks to the continued strength of institutional interest in high-quality, income-producing assets located in Manhattan’s most dynamic submarkets,” said Murad. “We were pleased to work closely with both MacArthur Holdings and JPMorgan to structure a loan that supports the long-term value and stability of this fully leased, well-located property.”
Photo: Todd Eberle/Selldorf Architects.
- ◦Financing
