Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Downtown New York + New York  + Finance  | 
Square Mile Capital provided a $55-million loan on 517 W. 29th St., an apartment property in Manhattan's Chelsea neighborhood

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.” 

Connect

Inside The Story

Square Mile CapitalJLL's Peck

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Financing
New call-to-action