Genesis Credit Lends $38M for Chelsea Multifamily Project

Timber Equities has landed $37.5 million of acquisition financing for the purchase of church property in Manhattan’s Chelsea neighborhood it is developing into rental apartments, Commercial Observer has learned.

New York-based Genesis Credit provided the loan for Timber’s planned 198-unit multifamily project at 331-341 West 25th Street, which formerly occupied a convent, rectory and school that were part of the Roman Catholic Church of Saint Columba. 

Timber acquired the site between Eighth and Ninth avenue from the Archdiocese of New York for $48 million in January, PincusCo. reported at the time. 

Buckingham Advisors’ Simon Goldstein arranged the financing, which closed Friday. 

“This is an exceptional rental site at an attractive basis,” Goldstein said in a statement. “It provides a true, meaningful solution to the lack of housing in the city — delivering much‑needed housing in one of the most exciting, vibrant neighborhoods in Manhattan.”

The multifamily development will feature one-, two- and three-bedroom units. Forty of the apartments in the all-electric building will be permanently designated as rent-stabilized and affordable, according to Goldstein.  

Officials at Timber Equities did not immediately return a request for comment. Genesis Credit declined to comment.

Andrew Coen can be reached at acoen@commercialobserver.com.