Jones Lang LaSalle Incorporated: Churchill Real Estate secures $55 million refinance for luxury multi-unit rental property in West Chelsea

NEW YORK, January 26, 2022 – JLL Capital Markets today announced that it has arranged a $55 million refinancing for 517 West 29th St., a 60-unit, 10-story luxury rental property located along the High Line at the junction of the Hudsons Manhattan Yards and West Chelsea neighborhoods.

JLL worked on behalf of the borrower, Churchill Real Estate, to originate the loan through Square Mile Capital. The loan proceeds will be used to repay existing debt and fund operations during the stabilization period.

Scheduled for delivery early this year and designed by Ben Hansen Architect, the property consists of 18 studios, 20 one-bedroom apartments and 18 two-bedroom apartments, as well as four penthouses. Building amenities include a 24-hour lobby, state-of-the-art fitness center, landscaped garden with BBQ, rooftop terrace, bicycle storage and nine private parking spaces. The units have been built to rival ultra-luxury offerings and feature raised ceilings and a range of top-notch kitchen and bathroom appliances and fittings.

Located between 10and and 11and avenues between the Hudson River and the High Line and one block from Hudson Yards, the property enjoys close proximity to some of New York’s best attractions and green spaces, as well as art galleries, boutiques, world-class restaurants and nightlife. Metro service on Line 7 is a five-minute walk from the property.

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.

“We are thrilled to close financing for this exceptional property, which offers superior amenities and finishes in one of the city’s fastest growing and most desirable submarkets,” said Rotchford. “The property is positioned to meet significant pent-up demand from tenants seeking a luxury environment in the thriving West Chelsea neighborhood.”

JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is sales and investment advice, debt advice, equity advice or recapitalisation. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

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