JLL Capital Markets arranges transaction for $33 million refinancing for 111 West 19th St.

Manhattan, NY JLL Capital Markets has arranged a $33 million refinancing for 111 West 19^th St., an eight-story, 189,731s/f office and retail building located in the Chelsea neighborhood.

A JLL debt advisory team led by senior managing director Aaron Niedermayer represented the borrower, the Kaufman Organization, securing financing from Citigroup Inc. 

The property, which has been owned by the Kaufman Organization for over 70 years, is currently occupied by a diversified tenancy, including the Kleinfeld Bridal as the retail tenant. The block-through building, located on West 19^th and West 20^th Sts. between 6^th and 7^th Aves., is nearby Chelsea’s restaurants, retail and nightlife, while nearby Manhattan’s subway lines.

“The property stands out in the market as a destination for tenants seeking a superior quality building and the benefits of a dynamic Chelsea location,” said Niedermayer. “This transaction demonstrates that lenders continue to aggressively compete for well-located, high-quality office assets with best-in-class sponsors such as the Kaufman Organization.”

The side-core property offers tenants light and air, with entrances and  windows on both 19^th and 20^th Sts., interior light wells with windows on both sides, and lofted ceiling heights ranging from 12 to 14 ft. and flexible, 23,000 s/f flfloor plates.