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Square Mile Closes on Loan for Chelsea Multifamily
Square Mile Capital Management LLC closed on a $55-million loan secured by 517 W. 29th St., a 60-unit multifamily asset at the confluence of Chelsea and Hudson Yards. The loan was made to Churchill Real Estate, which delivered the project in October 2021 and has achieved 80% lease-up.
JLL worked on behalf of the borrower to originate the loan. The JLL Capital Markets team representing the borrower was led by senior managing director Christopher Peck, managing director Peter Rotchford, and associates Phil Cadorette and Ricky Song.
Square Mile Capital principal David Greenburg said, “517 W. 29th is a high-quality asset that has leased extraordinarily well since its delivery in October 2021.The transaction opportunity was very attractive overall and gave us the ability to initiate a lending relationship with Churchill Real Estate, a best-in-class real estate owner, operator, and developer in New York City.”
- ◦Financing
