Afiaa, the Swiss Foundation for International Real Estate Investments borrows $50M from Ing Capital for office property in Chelsea

Afiaa, the Swiss Foundation for International Real Estate Investments through the entity Afiaa 158 West 27th Street, LLC as borrower signed a loan agreement with lender Ing Capital LLC valued at $50.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 158 West 27th Street in Chelsea. The deal closed on October 24, 2019 and was recorded on October 30, 2019.
The property contains a total of 108,000 square feet of built space.
The average loan per buildable square foot is $463.
The last time the property sold was December 17, 2014, for $82,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with one residential unit on July 24, 2013.
Over the past five years, there have been 23 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 23 renovation/alteration projects (A2) applied for with a total estimated value of $3,530,648.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link