Slate Property Group has closed a USD 63 million refinancing agreement for a portfolio of three multifamily buildings in New York's Chelsea district, Commercial Observer has learned. The financing was provided by Prime Finance and serves to repay existing acquisition loans for the properties in Manhattan.
Slate Property Group's portfolio includes the addresses 229 West 20th Street, 300 West 21st Street, and 301 West 22nd Street. These three buildings together offer 94 residential units across a total area of 68,139 square feet. The transaction was completed four years after the original acquisition financing of USD 61.25 million for these assets by Slate Asset Management (unrelated to Slate Property Group), which Commercial Observer reported at the time.
Martin Nussbaum, co-founder and managing partner of Slate Property Group, commented on the significance of the refinancing: "The refinancing of our Chelsea portfolio reflects both the continued resilience of this submarket and the enduring quality of these assets." He added that the full occupancy of these properties is ongoing confirmation of the underlying thesis and the fundamental principles upon which the portfolio was built.
The properties are located approximately half a mile from the High Line and Chelsea Market, underscoring their attractive location. Slate Property Group recently extensively renovated the three pre-war buildings. This included modernisations of the lobbies, common areas, and facades to enhance the value and appeal of the properties.
Negotiations for this debt financing were led by Arrow Real Estate Advisors. A team consisting of Morris Betesh, Eliott Zeitoune, Alex Bailkin, and Andrew Rosenberg was involved in successfully structuring the transaction. A statement from Prime Finance was not available at the time of publication.
