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Debt & Equity

Black Spruce secures $75M loan for 13-building Chelsea portfolio

Black Spruce Management has secured a $75 million loan for a 13-building Chelsea multifamily portfolio, according to property records.

Photo via City Realty
Photo via City Realty

The firm went into contract to buy a package of 14 buildings from Tempo Management last year. The loan was provided by Cantor Commercial Real Estate Funding.

The addresses covered in the deal include 339 West 19th Street, 341 West 19th Street, 348 West 21st Street, 307 West 29th Street, 310 West 22nd Street, 431 West 22nd Street, 454 West 22nd Street, 456 West 22nd Street, 326 West 23rd Street, 416 West 23rd Street, 466 West 23rd Street, 309 West 29th Street and 313 West 29th Street.

Black Spruce acquired the properties in a deal worth around $80 million, according to a previous report from to the Real Deal.

The firm primarily owns rentals in Brooklyn and the Bronx. Earlier this year, it acquired a package of eight multifamily buildings in Greenpoint from SMK Property Management. It also bought a 99-unit multifamily building in the Bronx for $26 million last February. Black Spruce has been expanding its Manhattan footprint. In July of last year, it entered into contract to acquire 14 rental buildings in Hell’s Kitchen.




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