Manhattan, NY Mission Capital Advisors’ debt and equity finance team arranged $21 million of non-recourse acquisition and construction financing for 214-216 West 15th St., a six-unit condo conversion in Chelsea. The Mission Capital team of Raymond Salameh, Ari Hirt, Steven Buchwald, and Lexington Henn represented developer Holliswood Development in structuring the loan from a Philadelphia-based debt fund.
For Holliswood, the competitively-priced loan fills a sizable portion of the project’s $29 million capital stack. The loan funds both the acquisition of the building and the subsequent construction costs when the project is permit-ready. With construction financing in hand, the developer plans to capitalize on the vitality of the Chelsea neighborhood and convert the former nursey school building to six condominiums with best-in-class amenities. Once complete, the residences will feature 10-ft. ceilings, private balconies, and well-appointed, top-of-the-line kitchens.
Holliswood purchased the building — which had functioned as a nursery school since 1902 — from the Archdiocese of New York, which led to an approvals process that required sign-off from the NYS attorney general, the Archdiocese, and the Vatican.
Located near the border of Greenwich Village and Chelsea, the property is located in one of Manhattan’s most vibrant areas, providing convenient access to a range of shopping, dining and nightlife options.