JJ Operating signs $135M construction loan with Pacific Western for mixed-use development in Chelsea

JJ Operating through the entity Chelsea 23rd Realty LLC as borrower signed a new construction loan with lender Pacific Western Bank valued at $135 million for the mixed-use building (K2) at 258-278 8th Avenue in Chelsea, Manhattan.
The deal closed on June 28, 2021 and was recorded on July 28, 2021.
(M00499952) Plans for a 190-unit, 218,983 square-foot R-2 were filed on July 8, 2021.
The loan price per buildable square foot is $616 per the PincusCo analysis.
The owner bought the property on 11-Aug-17, for $107.2 million.
The signatory for JJ Operating was Samuel J. Jemal.

YIMBY reports the financing is going towards the construction of a mixed-use building with apartments above a commercial space to be occupied by Target.

Within a 400-foot radius of 258-278 8th Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
One of those four items was a sale which 300 West 23rd Street Retail LLC bought one condo unit in the 11,456-square-foot, 222-unit mixed-use building (RM) on 249 8th Avenue for $11 million from Blumberg & Freilich Equities on December 14, 2020.
Of those four items, three were loans above $5 million totaling $26.7 million. The most recent of the three was 300 West 23 St Cooperative which borrowed $12.5 million from Investors Bank secured by one condo unit in the 151,785-square-foot, 222-unit mixed-use building (RM) on 249 8th Avenue on July 1, 2021.

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