Square Mile Capital Management LLC (“Square Mile Capital”) today announced the closing of a $55.0 million loan secured by 517 West 29 th Street, a 60-unit multifamily asset located at the confluence of Chelsea and Hudson Yards in New York, NY. The loan was made to Churchill Real Estate, who delivered the project in October 2021.
JLL worked on behalf of the borrower to originate the loan. The JLL Capital Markets team representing the borrower was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford, and Associates Phil Cadorette and Ricky Song.
Square Mile Capital Principal David Greenburg said, “517 West 29 th Street is a high-quality asset that has leased extraordinarily well since its delivery in October 2021.The transaction opportunity was very attractive overall and gave us the ability to initiate a lending relationship with Churchill Real Estate, a best-in-class real estate
owner, operator, and developer in New York City.”
517 West 29 th Street is a 10-story property that has reached 80 percent leased since its recent completion. It is located on 29th Street between 10th Avenue and 11th Avenue, within walking distance of many amenities and cultural attractions including The High Line, Chelsea Piers, Chelsea Market and Hudson Yards. Residents
benefit from a variety of amenities on site, including high-end, condo-quality apartment finishes, a 24-hour attended lobby, a first-floor fitness center, a landscaped garden with barbecue space, a rooftop terrace, bicycle storage, and nine private parking spaces.