Slate Asset Management Provides $61M Loan for Multifamily Properties in Chelsea
Slate Property Group has secured $61.25 million in financing for the acquisition and renovation of three multifamily properties in Manhattan’s Chelsea neighborhood, Commercial Observer can first report. The loan was provided by Slate Asset Management, which is not affiliated with the sponsor.
Newmark (NMRK) arranged the deal with a team led by Dustin Stolly and Jordan Roeschlaub along with Daniel Fromm. Newmark’s Dan Morin and Andrew Harwood assisted with the execution.
“Chelsea is a leading Manhattan neighborhood and a desirable place to rent and live for tens of thousands of New Yorkers,” said Martin Nussbaum, co-founder and principal of Slate Property Group. “Slate continues to take a disciplined approach toward investing by seeking out assets in coveted locations with upside, and adding exponential value.”
Located at 301 West 22nd Street, 300 West 21st Street and 229 West 20th Street, the three properties are pre-war and predominantly walk-up buildings comprising 94 rental units. The properties are within a city block of one another, and Slate Property Group to renovate the market-rate units. According to a release, the work will include renovating the lobbies, common areas and façades.
“This financing will allow Slate Property Group to acquire and execute their business plan of modernizing the properties and bringing rents in line with the market,” said Stolly in prepared remark. “We also commend Slate Asset Management for closing the loan as apped despite the volatile debt markets.”
Slate Property Group and Slate Asset Management did not immediately respond to request for comment.
Emily Fu can be reached at efu@commercialobserver.com.
