September 16, 2019 – JLL announced today that it has arranged a $53 million bridge loan for Chelsea Square, a 113,629-square-foot, boutique office property in the Penn Plaza submarket of Manhattan.
JLL worked on behalf of the borrower, HSP Real Estate Group, to secure the three-year financing through Ladder Capital.
Chelsea Square is located at 251 West 30th Street between 7th and 8th Avenues at the intersection of the Chelsea, NoMad and Hudson Yards neighborhoods. The location places the property within steps of New York Penn Station, Madison Square Garden, The Shops at Hudson Yards and several luxury rental properties such as Abington Houston, One Hudson Yards, The Eugene and The Lewis. In addition, the property has unparalleled transit connectivity with immediate access to 14 subway lines, as well as the PATH, NJ Transit, the Long Island Rail Road and Amtrak. Originally built in 1927, Chelsea Square was significantly renovated in 2017 and features flexible, boutique floorplates ranging from 5,000 to 8,000 square feet, exposed ceilings, polished concrete floors and outdoor terraces on select floors. The property also offers tenants a collaborative 2,250-square-foot amenity area where tenants with barista bar, lounge seating separate meditation/yoga room and bathrooms with showers.
The JLL Capital Markets team representing the borrower was led by Managing Director Christopher Peck, Senior Director Peter Rotchford and Associate Kristen Knapp.