Prime Finance Supplies $63M Refi for Chelsea Multifamily Portfolio 

Slate Property Group has landed a $63 million loan to refinance three multifamily buildings in Manhattan’s Chelsea neighborhood, Commercial Observer has learned.

Prime Finance provided the loan for Slate’s portfolio at 229 West 20th Street, 300 West 21st Street and 301 West 22nd Street, which combined feature 94 units spanning a total of 68,139 square feet. The deal closed four years after Slate secured $61.25 million of acquisition financing from Slate Asset Management (not affiliated with sponsor) for the three properties, CO first reported at the time.

“The refinancing of our Chelsea portfolio reflects both the ongoing resilience of this submarket and the lasting caliber of these assets,” Martin Nussbaum, co-founder and principal of Slate Property Group, said in a statement. “Having these properties fully leased is continued affirmation of the thesis and fundamentals we built this portfolio on.”

Arrow Real Estate Advisors negotiated the debt with a team consisting of Morris Betesh, Eliott Zeitoune, Alex Bailkin and Andrew Rosenberg.

Slate recently renovated the three prewar buildings, including upgrading the lobbies, common areas and façades. The properties are around a half mile from the High Line and Chelsea Market.

Prime Finance did not immediately return a request for comment.

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