Cushman & Wakefield served as the exclusive advisor to a joint venture in arranging a $98 million loan secured by 511-514 West 25th Street, a class-A office and retail/gallery property located in New York, NY.
The floating rate financing was provided by a German bank.
511-541 West 25th Street is comprised of three buildings totaling 193,744 rentable square feet of prime office, retail and high-end gallery/showroom space in Manhattan’s uber-chic West Chelsea submarket.
The property is located in the heart of the West Chelsea Historic District, overlooking the High Line and surrounded by some of New York’s premier art galleries. The property is 92 percent lease with a strong tenant base including Target Corporation, CD Network LLC and numerous elite gallery showrooms.
The Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Alex Hernandez and Alex Lapidus served as advisor to the joint venture.
“The ownership is very experienced at repositioning properties of this type,” said Kohn, President of Cushman & Wakefield’s Equity, Debt & Structure Finance group.
“The lenders understood the value-add proposition in this highly desired neighborhood within the strong Midtown South market,” said Hernandez, Managing Director.