Churchill Real Estate secures $55M refinancing for luxury West Chelsea multi-housing rental property
JLL Capital Markets arranges the loan for the new, 60-unit, 10-story building at 517 West 29th St. along Manhattan’s landmark High Line
NEW YORK, January 26, 2022 - JLL Capital Markets announced today it has arranged a $55 million refinancing for 517 West 29th St., a luxury, 60-unit, 10-story multi-housing rental property located along the High Line at the junction of Manhattan’s Hudson Yards and West Chelsea neighborhoods.
JLL worked on behalf of the borrower, Churchill Real Estate, to originate the loan through Square Mile Capital. Loan proceeds will be used to retire existing debt and fund operations during the stabilization period.
Set for delivery early this year and designed by Ben Hansen Architect, the property consists of 18 studios, 20 one-bedroom and 18 two-bedroom apartments, along with four penthouses. Building amenities include a 24-hour lobby, a state-of-the-art fitness center, a landscaped garden with barbecue, a rooftop terrace, bicycle storage and nine private parking spaces. The units have been constructed to compete with ultra-luxury offerings and feature lofted ceilings and a range of best-in-class kitchen and bathroom appliances and fittings.
Located between 10th and 11th avenues between the Hudson River and the High Line and one block from Hudson Yards, the property boasts immediate proximity to some of New York City’s best attractions and greenspaces, as well as world-class art galleries, shopping, restaurants and nightlife. Subway service on the 7 line is a five-minute walk from the property.
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.
“We are pleased to complete the financing for this stand-out property, which offers superior amenities and finishes in one of the city’s most dynamic and sought-after submarkets,” Rotchford said. “The property is positioned to accommodate significant pent-up demand from renters seeking a luxury environment within the thriving West Chelsea neighborhood.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Churchill Real Estate
Churchill Real Estate is a real estate investment firm formed in 2014 to capitalize on United States real estate debt, equity and distressed opportunities. The firm’s principals have over 100 years of combined real estate experience with strong track records of investing and asset managing billions of dollars in U.S. real estate. Churchill was founded to take advantage of bespoke, point-in- time opportunities throughout real estate market cycles with primary focus on downside protection while optimizing risk adjusted return. Churchill’s value proposition is centered around the breadth and depth of experience of its management team as well as its development of proprietary technology platforms.