NYC Owner Secures $44M Refinancing for Chelsea Retail Condo
Real estate owner, operator and developer The Parkland Group received a $44 million loan from Allianz Real Estate of America to refinance a retail condominium in Manhattan’s Chelsea neighborhood, Commercial Observer has learned.
HFF arranged the 15-year, fixed-rate, non-recourse financing.
The real estate investment and development firm built the retail and residential condo property, located at 611 Avenue of the Americas between West 17th and 18th Streets, in 2008.
The 30,000-square-foot retail component is fully leased to Chase Bank, Duane Reade and Modell’s Sporting Goods. The 10-story building also houses 41 luxury residences that were not a part of the refinancing.
“The property’s location along a prime retail corridor and its stable long-term tenancy made the financing very attractive to lenders,” HFF Director Jennifer Keller, who worked on the deal with Managing Director Rob Rizzi, said in prepared remarks. “The 15-year loan provided ideal fixed-rate execution for a generational owner,” she added.
The Parkland Group, based in Manhattan and Ft. Lauderdale, Fla., is run by Gerald Brauser and Steven Brauser. The company’s portfolio includes multifamily, retail, truck stops and parking garages across the U.S.
Allianz Real Estate of America provides equity investments and commercial mortgages on U.S. properties on behalf of the Allianz Group insurance companies, according to the lender’s website.
Representatives for The Parkland Group and Allianz could not be reached for comment by press time.