On behalf of Lexin Capital, JLL’s Capital Markets experts announced the firm secured $73 million in refinancing for 229 West 28th Street, a 12-story Class A office building located in Midtown South’s Chelsea neighborhood.
Aareal Capital Corporation provided the five-year loan.
Managing Directors Aaron Appel and Jonathan Schwartz led JLL’s financing efforts.
“This asset boasts a premier location in Chelsea, one of the most sought after creative submarkets in the entire New York metropolitan area,” said Appel. “Thanks to its high ceilings and tremendous exposure to light, 229 West 28th Street fits perfectly into the creative office space coveted by tech and media tenants.”
Added Schwartz, “With diverse tenancy in place, this refinancing positions an experienced sponsor to continue delivering the tremendous workspace that tenants have come to expect.”
The building is located three blocks from Penn Station, the city’s largest transit hub, which provides rail access throughout New York and the Northeast.
It is also near the Hudson Yards development, which in coming years will deliver 20,000 housing units.