Ladder Capital Provides $53M Bridge Loan for Chelsea Office Property

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HSP Real Estate Group has landed a $53 million bridge loan from Ladder Capital for one of its Chelsea office properties.

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The three-year debt was arranged by JLL’s Christopher Peck, Peter Rotchford and Kristen Knapp, according to information provided by the brokerage.

The 113,629-square-foot building — at 251 West 30th Street between Seventh and Eighth Avenues — sits at the intersection of Chelsea, NoMad and Hudson Yards, just south of Penn Plaza.   

HSP — led by Gerard Nocera and Michael Reid — acquired the 16-story asset from AJ Property Management in April 2016, paying $50.5 million.The new loan replaces $49 million in acquisition financing from Pacific Western Bank — then known as CapitalSource — city records show.

A wave of leasing activity has occurred at the property over the past six months. As Commercial Observer reported in March, Atlanta-based architecture firm GreenbergFarrow inked a deal for new digs on the 10th floor, taking 7,077 square feet; in July, HSP announced that restaurateur Bobby Khorrami would be opening a 1,817-square-foot farm-to-table restaurant in the building and had signed a 15-year lease; and earlier this month, internet service provider Cloudfare signed a three-year lease for 7,049 square feet on the top floor. 

Officials at HSP did not immediately return a request for comment.