JLL arranges $53 million bridge loan for Chelsea Square in Manhattan, NY

Kristen Knapp

NEW YORK, NY – JLL announced  it has arranged a $53 million bridge loan for Chelsea Square, a 113,629-square-foot, boutique office property in the Penn Plaza submarket of Manhattan.

JLL worked on behalf of the borrower, HSP Real Estate Group, to secure the three-year financing through Ladder Capital.   

Chelsea Square is located at 251 West 30^th Street between 7^th and 8^th Avenues at the intersection of the Chelsea, NoMad and Hudson Yards neighborhoods.  

Christopher Peck

The location places the property within steps of New York Penn Station, Madison Square Garden, The Shops at Hudson Yards and several luxury rental properties such as Abington Houston, One Hudson Yards, The Eugene and The Lewis. 

 In addition, the property has unparalleled transit connectivity with immediate access to 14 subway lines, as well as the PATH, NJ Transit, the Long Island Rail Road and Amtrak. 

Originally built in 1927, Chelsea Square was significantly renovated in 2017 and features flexible, boutique floorplates ranging from 5,000 to 8,000 square feet, exposed ceilings, polished concrete floors and outdoor terraces on select floors.  

Peter Rotchford 

The property also offers tenants a collaborative 2,250-square-foot amenity area where tenants with barista bar, lounge seating separate meditation/yoga room and bathrooms with showers.

The JLL Capital Markets team representing the borrower was led by Managing Director Christopher Peck, Senior Director Peter Rotchford and Associate Kristen Knapp.

Chelsea Square is located at 251 West 30^th Street
between 7^th and 8^th Avenues at the intersection
of the Chelsea, NoMad and
Hudson Yards neighborhoods.  

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 investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contact:

 Kristen Murphy, JLL Director, Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com