Chess Builders signs $125M refi loan with MF1 Capital for two properties in Hell’s Kitchen

Chess Builders through the entity The Westline Realty LLC as borrower signed a refi loan with lender MF1 Capital through the entity MF1 Capital LLC valued at $125 million for two properties with 157 residential units including the 98-unit residential elevator building (D3) at 622 11th Avenue in Hell’s Kitchen, Manhattan and the 59-unit property at 554 West 46th Street in Hell’s Kitchen, Manhattan.
The deal closed on December 15, 2025 and was recorded on December 26, 2025. The prior lender was Valley National Bank which held debt that had an original loan amount of $95 million.
The signatory for Chess Builders was Cheskel Schwimmer . The signatory for MF1 Capital was Jonathan Pfeil .

Development

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 182,983 square feet. The largest, M01020109, is a new building project for a 98-unit, 127,613 square-foot R-2 building submitted by Chess Builders and filed by Cheskel Schwimmer with plans filed March 22, 2024 and permitted August 26, 2024. The second largest, M01116049, is a new building project for a 59-unit, 55,370 square-foot R-2 building submitted by Chess Builders and filed by Cheskel Schwimmer with plans filed September 30, 2024 and permitted May 1, 2025.

The block

On the tax block of 622 11th Avenue, PincusCo has identified the owners of five of the 21 commercial properties representing 42,272 square feet of the 238,400 square feet. The largest owner is Cheskel Schwimmer, followed by Danny Rebibo and then J&L Holding.
On the tax block, there were three new building construction projects totaling 236,290 square feet. The largest is a 188-unit, 127,613 square-foot residential (R-2) building submitted by Chess Builders and filed by Cheskel Schwimmer with plans filed March 22, 2024 and permitted August 26, 2024. The second largest is a 59-unit, 55,370 square-foot residential (R-2) building submitted by Chess Builders and filed by Cheskel Schwimmer with plans filed September 30, 2024 and permitted May 1, 2025.

The majority, or 35 percent of the 238,400 square feet of built space are walkup buildings, with industrial buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Chess Builders owned at least five commercial properties with 251 residential units in New York City with 156,547 square feet and a city-determined market value of $25 million. (Market value is typically about 50% of actual value.) The portfolio has $368.4 million in debt, with top three lenders as MF1 Capital, Valley National Bank, and S3 Capital respectively. Within the portfolio, the bulk, or 40 percent of the 156,547 square feet of built space are industrial properties, with office properties next occupying 37 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Brooklyn next at 40 percent of the space.

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