Churchill Real Estate signs $30M refi with Silver Point for 19-unit Chelsea project

Churchill Real Estate Holdings through the entity Sp-Creh 19 Highline LLC as borrower signed a refi loan with lender Silver Point Capital through the entity Silver Point Finance, LLC valued at $30 million for the 19-unit project at 435 West 19th Street in Chelsea, Manhattan.
The deal closed on June 28, 2021 and was recorded on February 14, 2022. The prior lender was Silver Point Capital which held debt that had an original loan amount of $36 million.
The property has 29,780 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $1,007 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on August 26, 2014, for $18.2 million.
The signatory for Churchill Real Estate Holdings was Sorabh Maheshwari.
The 29,780-square-foot property generated revenue of $1.9 million or $65 per square foot, according to the most recent income and expense figures.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. One of the projects were to change the building from a E to a R-2 and change the number of residential units from 0 to 19 and were permitted on July 21, 2020.
In Chelsea, the bulk, or 35 percent of the 62.6 million square feet of built space are residential elevator buildings, with office buildings next occupying 30 percent of the space. In sales, Chelsea has the 2nd highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Chelsea has 1.4 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 45 percent of the 354,608 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space.

Within a 400-foot radius of 435 West 19th Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, one was in new building development. It was a new building permit application filed on May 18, 2021 for a 46,809-square-foot R-2 building with 32 residential units at 428 West 19th Street.
Of those 11 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $683,600 and one initial temporary certificate of occupancy issuance for a project that initially costed $10.6 million. The most recent of these two items was the temporary certificate of occupancy on January 5, 2021 for a 0-square-foot R-2 building with 10 residential units at 455 West 19th Street.
Of those 11 items, three were sales above $5 million totaling $25.3 million. The most recent of the three was Anbau, Inc. which bought the 17,940-square-foot, one-unit office building (O5) on 428 West 19th Street for $12.3 million from Ernest Schoenherr on July 28, 2020.
Of those 11 items, five were loans above $5 million totaling $369.8 million. The most recent of the five was Michael D. Savino which borrowed $5 million from First Republic Bank secured by the 16,866-square-foot, two-unit mixed-use building (K2) on 443 West 18th Street on December 29, 2021.

Direct link to Acris document. link