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HSP secures $53M bridge loan for Penn Plaza office

JLL arranged a $53 million bridge loan for Chelsea Square, a 113,629 s/f boutique office property in the Penn Plaza submarket of Manhattan.

JLL worked on behalf of the borrower, HSP Real Estate Group, to secure the three-year financing through Ladder Capital.

Chelsea Square is located at 251 West 30th Street between 7th and 8th Avenues at the intersection of the Chelsea, NoMad and Hudson Yards neighborhoods.

Originally built in 1927, Chelsea Square was significantly renovated in 2017 and features flexible, boutique floorplates ranging from 5,000 to 8,000 s/f, exposed ceilings, polished concrete floors and outdoor terraces on select floors.

The JLL Capital Markets team representing the borrower was led by Managing Director Christopher Peck, Senior Director Peter Rotchford and Associate Kristen Knapp.

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