Partner Michael Campbell, managing director Steve Fenster andSVP Steven Rock of Carlton Advisory Services placed $92-millionsenior debt and mezzanine financing for the acquisition. The selleris 511 W. 25th St. Corp. and the buyer is a joint venture betweenHalcyon Real Estate Investors and Cardinal Real Estate Investments.Grubb & Ellis Co. represented both the buyer and seller in thepurchase and sale of the three buildings.

Kyle Ransford, general partner of Cardinal, explains that theopportunity in Chelsea is tremendous. "A wholesale secondtransformation of the area is under way. The pedestrian arterybetween the Meatpacking and the rail yard will have a greaterpositive impact on the area than most are expecting. As a neighborof the Highline, we are excited to contribute to the artist andHighline communities."

Trevor Stahelski, the New York City partner of CardinalInvestments, tells GlobeSt.com that "what drew us to the projectwas the chance to be part of the art district and the highline inthe same project. It is a rare and exciting opportunity that wecould not pass up." He adds that "we are not changing the use ofthe building. we want to improve the look and feel of the buildingsso that we can continue provide commercial office spaces for smallbusinesses and gallery space to Chelsea businesses."