Chelsea Piers ups debt to $80M with new lender REIT VICI Properties for sports complex

Chelsea Piers through the entity Chelsea Piers L.P. as borrower signed a loan agreement with lender VICI Properties through the entity Vici Lendco LLC valued at $80.0 million for 4 parcels, including the tax class piers, docks, bulkheads (T2) at 111A 11th Avenue, 111B 11th Avenue, 111C 11th Avenue, 62 Pier 62 in Chelsea. The deal closed on August 31, 2020 and was recorded on September 1, 2020.
The property contains a total of 105,472 square feet of built space. The property has 869,409 square feet of available development rights.
The average loan per buildable square foot is $92.
VICI is a hospitality and gaming REIT based in Manhattan which owns major assets such as Caesars Palace in Las Vegas and elsewhere. This appears to be its first investment in New York City, as a lender or owners. The package includes a $30.47 gap loan and refinances $65 million that had been provided by Capital One in 2015. David Tewksbury was the signatory for Chelsea Piers. David Kieske was the signatory for VICI.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 30, 2012.
Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 16 renovation/alteration projects (A2) applied for with a total estimated value of $3,587,925.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was David Kieske