Square Mile Capital provides $55.0 million loan

Square Mile Capital Management LLC (“Square Mile Capital”) today announced the closing of a $55.0 million loan secured by 517 West 29th Street, a 60-unit multifamily asset located at the confluence of Chelsea and Hudson Yards in New York, NY. The loan was granted to Churchill Real Estate, which delivered the project in October 2021.

JLL worked on behalf of the borrower to initiate the loan. The JLL Capital Markets team representing the borrower was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford and Partners Phil Cadorette and Ricky Song.

Square Mile Capital Principal David Greenburg said, “517 West 29th Street is a high quality asset that has rented extraordinarily well since its October 2021 delivery. The transaction opportunity was very attractive overall and gave us the opportunity to initiate a lending relationship with Churchill Real Estate, a prime real estate
owner, operator and developer in New York.

517 West 29th Street is a 10-story building that is 80% leased since its recent completion. It is located on 29th Street between 10th Avenue and 11th Avenue, within walking distance of many amenities and cultural attractions including the High Line, Chelsea Piers, Chelsea Market and Hudson Yards. Residents
enjoy a variety of on-site amenities, including high-end condo-quality apartment finishes, 24-hour lobby, first-floor fitness center, landscaped garden with BBQ area , a roof terrace, bicycle storage and nine private parking spaces.

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