JLL arranges $53M bridge loan for Chelsea Square
Boutique office property in high-growth neighborhood bordering Hudson Yards
NEW YORK, September 16, 2019 – JLL announced today that it has arranged a $53 million bridge loan for Chelsea Square, a 113,629-square-foot, boutique office property in the Penn Plaza submarket of Manhattan.
JLL worked on behalf of the borrower, HSP Real Estate Group, to secure the three-year financing through Ladder Capital.
Chelsea Square is located at 251 West 30th Street between 7th and 8th Avenues at the intersection of the Chelsea, NoMad and Hudson Yards neighborhoods. The location places the property within steps of New York Penn Station, Madison Square Garden, The Shops at Hudson Yards and several luxury rental properties such as Abington Houston, One Hudson Yards, The Eugene and The Lewis. In addition, the property has unparalleled transit connectivity with immediate access to 14 subway lines, as well as the PATH, NJ Transit, the Long Island Rail Road and Amtrak. Originally built in 1927, Chelsea Square was significantly renovated in 2017 and features flexible, boutique floorplates ranging from 5,000 to 8,000 square feet, exposed ceilings, polished concrete floors and outdoor terraces on select floors. The property also offers tenants a collaborative 2,250-square-foot amenity area where tenants with barista bar, lounge seating separate meditation/yoga room and bathrooms with showers.
The JLL Capital Markets team representing the borrower was led by Managing Director Christopher Peck, Senior Director Peter Rotchford and Associate Kristen Knapp.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About HSP Real Estate Group, a Member of NAI Global
HSP Real Estate Group is a fully integrated, full-service real estate firm with approximately five million square feet of commercial assets under ownership and/or management. The firm specializes in building management, tenant representation, landlord representation, commercial co-op/condo sales, retail and hospitality leasing, and consulting.
Its diverse leasing and management portfolio of includes 885 Third Avenue, 251 West 30th Street, 1450 Broadway, 45 West 34th Street, 148 Madison Avenue, 6 West 48th Street, 24-32 Union Square, 720 Fifth Avenue, 724 Fifth Avenue, 174 Broadway, 530 Broadway, 764 Madison Avenue, 799 Madison Avenue, 803 Madison Avenue, 824 Madison Avenue, 844 Madison Avenue, 15 West 44th Street, 22 East 49th Street, 16 West 36th Street, and other notable buildings.
HSP Real Estate Group is the New York City member of NAI Global, the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. The offices of HSP Real Estate Group are located at 1040 Avenue of the Americas and 885 Third Avenue.