Pan-Brothers Association and Valyrian Capital have secured a $36.7 million loan to build their new mixed-use property in Chelsea.
JLL Capital Markets experts brokered the loan to finance the development of 128-130 West 23rd Street, a luxury residential property with ground-floor retail. The loan was placed with CapitalSource.
Jonathan Schwartz, Max Herzog, Brett Rosenberg and Chris Byrns, led the JLL team handling the debt assignment.
“Pan-Brothers and Valryian have extensive experience developing residential real estate,” said Schwartz.
“Flatiron and Chelsea have emerged as two of the most sought-after neighborhoods in Manhattan, with a thriving arts scene in Chelsea and a growing list of dining and nightlife options in Flatiron. This new project is uniquely positioned between both of these exciting neighborhoods.”
The 15-story 128-130 West 23rd Street totals 37,752 s/f and will feature 30 residential units and a 3,673 s/f, ground-floor retail unit. The property will feature 2,500 s/f of amenity space including the fitness center and rooftop space.