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Slate Property Group closes $63M refi for Chelsea multifamily portfolio

The refinance covers three Manhattan buildings with 94 units and 68,139 square feet, and it arrives about four years after the sponsor secured $61.25 million acquisition financing.

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Slate Property Group has closed a $63 million loan to refinance three multifamily buildings in Manhattan’s Chelsea neighborhood, Commercial Observer reports. The debt is tied to the properties at 229 West 20th Street, 300 West 21st Street, and 301 West 22nd Street.

Prime Finance provided the refinancing for the combined portfolio, which totals 94 units across 68,139 square feet. The article says the deal closed roughly four years after Slate secured $61.25 million of acquisition financing for the same buildings.

Commercial Observer adds that Arrow Real Estate Advisors negotiated the loan, working with a team including Morris Betesh, Eliott Zeitoune, Alex Bailkin, and Andrew Rosenberg.

Slate recently renovated the three prewar buildings, including upgrades to lobbies, common areas, and facades. In a statement, Martin Nussbaum, co-founder and principal of Slate Property Group, said the refinancing reflects the submarket’s resilience and that the properties’ being fully leased affirms the portfolio’s thesis.

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