Davis Companies signs $84.4M construction loan with Santander in Chelsea

Davis Companies through the entity Div West 29th Street, LLC as borrower signed a new construction loan with lender Santander Bank valued at $84.4 million for the construction of a 135,000-square-foot storage building at 155 to 165 West 29th Street in Chelsea, Manhattan.
The deal closed on July 2, 2021 and was recorded on July 20, 2021. Davis plans to build a 135,000-square-foot storage building.
The signatory for Davis Companies was Jonathan G. Davis.

There has been one demolition project filed for the parcels over the past five years.
Jonathan G. Davis is the CEO of The Davis Companies.  The financing is composed of a $31.1 million acquisition loan, a $46.8 million building loan and a $6.4 million project loan.
Within a 400-foot radius of 165 West 29th Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.

Of those six items, two were sales above $5 million totaling $181.9 million. The most recent of the two was Kaufman Organization which bought an interest in the 70,862-square-foot, 45-unit office building (O6) on 135 West 29th Street for $34.5 million from MFM Properties on April 1, 2021.
Of those six items, three were loans above $5 million totaling $119.0 million. The most recent of the three was Kyu Heung Park which borrowed $15.5 million from Amerasia Bank secured by the 28,250-square-foot, 20-unit co-op (D0) on 146 West 28th Street on February 12, 2021.

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