Slate Property Group secures $63 million refinancing for Chelsea multifamily portfolio

Manhattan, NY Slate Property Group closed on a $63 million refinancing for a three-building multifamily portfolio in Chelsea.

The portfolio totals 94 residential units and 68,139 s/f across three properties – 229 West 20^th St., 300 West 21^st St. and 301 West 22^nd St.

Morris Betesh, Eliott Zeitoune, Alex Bailkin and Andrew Rosenberg of Arrow Real Estate Advisors represented Slate Property Group. Prime Finance provided the refinancing package. The funds will be used to retire a previous loan provided by Slate Asset Management, a global real estate-focused alternative investment platform that is not affiliated with Slate Property Group.

“The refinancing of our Chelsea portfolio reflects both the ongoing resilience of this submarket and the lasting caliber of these assets,” said Martin Nussbaum, co-founder and principal of Slate Property Group. “Having these properties fully leased is continued affirmation of the thesis and fundamentals we built this portfolio on.”

The refinancing provides Slate Property Group with a competitive capital structure for the portfolio while positioning the properties to benefit from the continued strength of the city’s multifamily market and long-term demand for housing in Chelsea.