Citigroup Refis Chelsea Retail Building With $22M Loan
By Andrew Coen October 27, 2023 1:36 pm
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Investor Guy Roberts has sealed a $22 million loan to refinance a Manhattan retail asset that hosts art galleries.
Citigroup provided the debt for Roberts’ 521 West 21st Street property in Manhattan’s West Chelsea neighborhood. James Goldberg, managing director at Citigroup, originated the financing for the 34,600-square-foot retail building, which includes three art galleries as tenants.
Institutional Property Advisors (IPA), a division of Marcus & Millichap (MMI), brokered the deal, which was led by Matt Polci, a capital markets specialist in IPA’s Manhattan office, and investment sales specialists Justin Natalizio and Eric Anton.
Roberts also nabbed a $9 million refinance loan from Citigroup — also led by Goldberg— for an industrial property at 656 East 133rd Street in the Mott Haven section of the Bronx.
The $31 million in total refinancings for both properties was first reported by PincusCo.
“After careful planning with the borrower, we were able to secure a significant cash-out refinance while navigating a challenging financial market,” Natalizio said in a statement.
Officials for Citigroup and Guy Roberts did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
