NEW YORK CITY-Jamestown Properties has secured a $380-million loan for use in the recapitalization of Chelsea Market, the iconic mixed-use property it agreed to acquire full ownership of earlier this year.
The loan, financed through Germany’s Landesbank Baden-Wurttemberg, was arranged by the Capital Markets group at CB Richard Ellis. EVPs Jeff Ackemann and Justin Parsonnet, Institutional Group vice chairman Will Yowell, SVP Jay O’Meara and senior analyst Steve O’Brien worked on the deal on behalf of Jamestown.
Chelsea Market, at 75 Ninth Ave., takes up the entire block between 15th and 16 streets and Ninth and Tenth avenues. Its 1,183,000 square feet are currently 99% leased, to clients like the Food Network, Time Warner, EMI, Time Warner and Google.
Jamestown is planning to add a 300,000-square-foot tower at the market, for a hotel, additional office space or a combination of the two. As GlobeSt.com reported, however, the tower’s construction would require a review via the city’s Uniform Land Use Review Procedure.
A spokesman for Jamestown says the deal is designed to take advantage of current interest rates and that the $380-million loan will replace the market’s long-term financing.
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