Sunday, January 20, 2013

HFF arranges $18.5 million financing for mixed-use property in Manhattan’s Chelsea neighborhood



Chelsea Muse Apartments
West Chelsea, New York City
NEW YORK, NY HFF announced today that it has arranged $18.5 million in acquisition financing for the Chelsea Muse, a 28-unit, Class A multi-housing rental building with substantial retail in Manhattan’s West  Chelsea submarket.
                HFF worked on behalf of the borrower, Tavros Capital Partners USA, LP, to secure the five-year, fixed-rate loan.  The loan proceeds were used to acquire the property.
                The Chelsea Muse is located at 537 West 27th Street adjacent to the High Line Elevated Park in West Chelsea.  

Steven Klein
Tavros plans to re-brand the building through a focused marketing campaign.  Built in 2011, the residences were fully leased within five weeks of completion.  

The 18,000-square-foot retail component of the property is 100 percent occupied and consists of Pinch Food Design and a large below-grade event space leased upon closing to Skylight Group.
                The HFF team representing Tavros Capital Partners was led by managing director Steven Klein.
“Tavros Capital Partners had the vision and the foresight to purchase the property with the retail component vacant and was immediately able to add value to the property by signing a lease with the property’s largest retail tenant.  Through this acquisition, Tavros increases their footprint in Manhattan and in the West Chelsea submarket,” said Klein.
                Tavros Capital Partners is a privately-owned real estate investment management firm with offices in the U.S. and Europe.  Tavros owns or is developing five assets in New York City, totaling approximately 340,000 square feet, including: 560 West 24th Street, 180 Avenue of the Americas, and 448-452 Broome Street.

Contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
krmurphy@hfflp.com

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