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Deals & Dealmakers

Hakim Organization secures $24.5M loan for High Line 537 rental tower

The Hakim Organization has secured a seven-year, $24.5 million refinancing for luxury rental High Line 537.

Photo via Streeteasy
Photo via Streeteasy

The loan, which was announced by Eastern Consolidated’s Capital Advisory Division, was financed by East West Bank.

“The process with East West Bank was very smooth and it helped to deal with such experienced sponsors with an exceptional track record,” said Jonathan Aghravi, who was part of the Eastern Consolidated team that handled the transaction.

The five-story building, located at 537 West 27th Street between 10th and 11th Avenue in West Chelsea, is a 47,000-square-foot mixed-use property that contains 28 residential apartments. There are two retail spaces in the tower. Event space Skylight Modern occupies the building’s ground floor and lower level. Catering service Pinch Food Design also has a 2,200 s/f space in the ground floor.

The Hakim Organization bought an 85 percent stake in the building for $44.2 million in 2015.

Eastern Consolidated’s Aghravi and Charles Han and East West Bank’s Robert Rynarzewski handled the loan placement on behalf of the Hakim Organization. Goldberg Weprin Finkel Goldstein represented the borrower while Windels Marx Lane & Mittendorf served as counsel for the lender.

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