Manhattan, NY JLL Capital Markets experts have completed a $36.7 million loan to finance the development of 128-130 West 23rd Street, a residential property with ground-floor retail. The firm worked on behalf of Pan-Brothers Association and Valyrian Capital to place the construction loan with CapitalSource.
Jonathan Schwartz, managing director; Max Herzog, managing director; Brett Rosenberg, executive vice president; Chris Byrns, Analyst, led the JLL Capital Markets team handling the debt assignment for Pan-Brothers Association and Valyrian Capital.
“Pan-Brothers and Valryian have extensive experience developing residential real estate,” said Schwartz. “Flatiron and Chelsea have emerged as two of the most sought-after neighborhoods in Manhattan, with a thriving arts scene in Chelsea and a growing list of dining and nightlife options in Flatiron. This new project is uniquely positioned between both of these exciting neighborhoods.”
The 15-story 128-130 West 23rd St. totals 37,752 s/f and will feature 30 residential units and a 3,673 s/f, ground-floor retail unit. The building has a prime location on the border of Chelsea and the Flatiron District, offering access to Chelsea’s art galleries, and some of the city’s best restaurants. The property will feature 2,500 s/f of amenity space including the fitness center and rooftop space, making it one of the most desirable properties in the area.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.