Churchill Real Estate signs $44M refi loan with Square Mile for building in Chelsea

Churchill Real Estate Holdings through the entity Project 29 West Chelsea LLC as borrower signed a refi loan with lender Square Mile Capital Management through the entity Sm Finance II-I LLC valued at $44 million for the 60-unit property at 517 West 29th Street in Chelsea, Manhattan.
The deal closed on December 28, 2021 and was recorded on February 1, 2022. The prior lender was Churchill Real Estate Holdings which held debt that had an original loan amount of $44 million.
The property has 49,375 square feet of built space and 24,885 square feet of additional air rights for a total buildable of 74,260 square feet according to PincusCo analysis of city data. The loan price per built square foot is $891 and the price per buildable square foot is $592 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 November 13, 2015, for $54.8 million.
The signatory for Churchill Real Estate Holdings was Sorabh Maheshwari.
(123440080) Plans for a 60-unit, 49,375 square-foot R-2 were filed on April 12, 2018 and were permitted on April 6, 2020.
On the tax block, the majority, or 72 percent of the 1 million square feet of built space are residential elevator buildings, with industrial buildings next occupying 21 percent of the space.
There was a condominium project filed with the address 517-523 West 29th Street and the name 517 W. 29th Street Condominium (the) on March 25, 2021. The principals of the sponsor, Project 29 West Chelsea Llc, were Sorabh Maheshwari and Justin Ehrlich. link
Within a 400-foot radius of 517 West 29th Street, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, three were sales above $5 million totaling $261.8 million. The most recent of the three was StorageMart which bought the 213,330-square-foot, one-unit industrial (E7) on 302 11th Avenue for $234 million from Edison Properties on December 29, 2021.
Of those seven items, four were loans above $5 million totaling $409.8 million. The most recent of the four was StorageMart which borrowed $298.4 million from Barclays secured by the 213,330-square-foot, one-unit industrial (E7) on 302 11th Avenue and two other properties on January 6, 2022.

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