News

     Multi Capital Group (MCG) arranges $19,200,000 Condo Conversion loan in NYC.

New York, NY

Multi Capital Group, has arranged for a $19,200,000 condominium conversion loan in connection with their client's purchase of 15 West 17th Street in the Chelsea neighborhood of New York City.

The loan was a combination of Senior Debt and preferred equity for a total capital structure of 95% LTC. The property located in the trendy neighborhood of Chelsea NY, consists of an existing 11 story building. The project's total square footage is approximately 23,100 SF.

Multi Capitals' client for this transaction is a leading multi-family / office building owner and operator for over 30 years. The client has a proven track record of successfully developing and repositioning properties in all of the Tri-State markets. The client has extensive experience with all aspects of multi-family real estate including: land assemblage and planning, construction rehabilitation and residential condominium conversions. The client owns and/or manages more than 5,000,000 SF of real estate in the New York Tri-State region.

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Multi Capital Group (www.Multi-Capital.com) is a national Real Estate Investment Banking firm prominent in debt and equity placement, investment sales, and commercial and residential loan sales. Its clients include some of the most active developers and institutions both nationally and in the New York metropolitan area.