Chelsea Mixed Use
Manhattan, NY
Along with a partner, we originated a $3.75 million 1st mortgage loan secured by a mixed use property consisting of 15 apartment units totaling 11,450 square feet and 3,200 square feet of retail space located in the Chelsea neighborhood of Manhattan, NY. The loan served as take-out and bridge financing during a transitional stage for the property where rent controlled apartments were converted to market rent apartments, and long-standing retail leases turned over.