Naftali Group Refinances Chelsea Apartment Building With $45M Loan
The fixed-rate loan carries a seven-year term with a five-year extension option. The new financing replaces eight mortgages amounting to $45 million, which were originally provided by M&T Bank over the years, according to the loan documents.
“The Naftali Group are excellent clients of ours and highly experienced developers,” George Klett, executive vice president and chairman of the commercial real estate committee at Signature Bank, told Commercial Observer via email. “They did an amazing job of gut renovating the building into first-class rental apartments in the heart of Chelsea.”
The 68-unit building, The Arthur, is located at 245 West 25th Street between Seventh and Eighth Avenues and was built in 1938. The Naftali Group acquired the property in December 2012 for $37 million, property records show.
Compass is in charge of leasing for the property, and current availabilities in the apartment building range from $4,500 per month for a convertible two-bedroom to $9,000 per month for a fully furnished two-bedroom duplex.
A representative for Naftali Group did not respond to inquiries by press time.