German lender Aareal Capital Corporation has provided a $73 million loan to Lexin Capital to refinance 229 West 28th Street, Commercial Observer Finance can first report. JLL arranged the financing, which has a five-year term.
The 12-story, Class A office building, also known as The Caxton Building, is located between Seventh and Eighth Avenues and recently underwent $4.2 million in capital improvements, according to the building’s website. Lexin Capital purchases the property in March 2014 for $81.5 million, city records show.
JLL’s Aaron Appel and Jonathan Schwartz led the transaction. “This asset boasts a premier location in Chelsea, one of the most sought after creative submarkets in the entire New York metropolitan area,” Appel said. “Thanks to its high ceilings and tremendous exposure to light, 229 West 28th Street fits perfectly into the creative office space coveted by tech and media tenants.”
Schwartz added, “With diverse tenancy in place, this refinancing positions an experienced sponsor to continue delivering the tremendous workspace that tenants have come to expect.”
Officials at Aareal and Lexin Capital could not immediately be reached for comment.