Related Companies signs $76.5M refi Walker & Dunlop, Pretium for residential elevator in Chelsea

Related Companies with nonprofit partner Settlement Housing Fund through the entity French Apartments Housing Company as borrower signed a refi loan with lender Walker & Dunlop and Pretium through the entity WD Impact Originator I, LLC valued at $76.5 million for the 223-unit residential elevator building (D5) at 324 West 30th Street in Chelsea, Manhattan.
The deal closed on June 1, 2026, and was recorded on June 17, 2026. The prior lender was Fannie Mae which held debt that had an original loan amount of $75 million.The property has 147,888 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $517 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 signatory for Related Companies and Settlement Housing Fund was Matthew Finkle and Jacqueline Tom . The signatory for Walker & Dunlop and Pretium was Christopher Weidler .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Matthew Finkle, head officer and Sabrina Dolla, officer. The business entities are Related Management Co and French Apartments Housing. The 147,888-square-foot property generated revenue of $8.3 million or $56 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 223 residential units in Chelsea has 147,888 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 176 feet and is 197 feet deep with a total lot size of 26,070 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $48.6 million. The property has 174 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one housing violation and $650 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 13 of the 39 commercial properties representing 341,271 square feet of the 544,730 square feet. The largest owner is Related Companies, followed by Bryna Cohen and then Eastern Star Development .
On the tax block, there was one new building construction project filed totaling 20,786 square feet. It is a nine-unit, 20,786 square-foot residential (R-2) building submitted by Daniel Aller with plans filed May 16, 2019 and it has not been permitted yet.

The majority, or 62 percent of the 544,730 square feet of built space are elevator buildings, with walkup buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Related Companies owned at least 192 commercial properties with 14,595 residential units in New York City with 30,720,795 square feet and a PincusCo-determined asset value of $21.8 billion. The portfolio has $7.8 billion in debt, with top three lenders as Wells Fargo, Deutsche Bank , and Wells Fargo respectively. Within the portfolio, the bulk, or 29 percent of the 30,720,795 square feet of built space are elevator properties, with condo properties next occupying 25 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.
The PincusCo database currently indicates that Settlement Housing Fund owned at least 192 commercial properties with 14,595 residential units in New York City with 30,720,795 square feet and a PincusCo-determined asset value of $21.8 billion. The portfolio has $569.3 million in debt, with top three lenders as NYC Housing Development Corporation , Community Preservation Corporation, and TD Bank respectively. Within the portfolio, the bulk, or 29 percent of the 30,720,795 square feet of built space are elevator properties, with condo properties next occupying 25 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.

Direct link to Acris document. link