NEW YORK CITY—Lexin Capital has secured $73 million in refinancing for 229 W. 28th St., a 12-story, class A-office building located in Midtown South's Chelsea neighborhood. Aareal Capital Corp. provided the five-year loan.
JLL capital markets managing director Aaron Appel and SVP Jonathan Schwartz led the financing efforts on behalf of Lexin.
“This asset boasts a premier location in Chelsea, one of the most sought after creative submarkets in the entire New York metropolitan area,” says Appel. “Thanks to its high ceilings and tremendous exposure to light, 229 W. 28th St. fits perfectly into the creative office space coveted by tech and media tenants.”
Adds Schwartz, “With diverse tenancy in place, this refinancing positions an experienced sponsor to continue delivering the tremendous work space that tenants have come to expect.”
The building is located just three blocks from Penn Station, the city's largest transit hub, and It is also near the Hudson Yards development, which in coming years will deliver 20,000 housing units and 2 million square feet of retail space.
Lexin Capital is a private real estate investment, development and management company, based here,with properties in the United States, France and Mexico.
JLL capital markets is a full-service global provider of capital solutions for real estate investors and occupiers. In 2015, the group completed $140 billion in investment sale and debt and equity transactions globally. The JLL capital markets team comprises more than 2,000 specialists, operating all over the globe.
JLL capital markets managing director Aaron Appel and SVP Jonathan Schwartz led the financing efforts on behalf of Lexin.
“This asset boasts a premier location in Chelsea, one of the most sought after creative submarkets in the entire
Adds Schwartz, “With diverse tenancy in place, this refinancing positions an experienced sponsor to continue delivering the tremendous work space that tenants have come to expect.”
The building is located just three blocks from Penn Station, the city's largest transit hub, and It is also near the Hudson Yards development, which in coming years will deliver 20,000 housing units and 2 million square feet of retail space.
Lexin Capital is a private real estate investment, development and management company, based here,with properties in the United States, France and Mexico.
JLL capital markets is a full-service global provider of capital solutions for real estate investors and occupiers. In 2015, the group completed $140 billion in investment sale and debt and equity transactions globally. The JLL capital markets team comprises more than 2,000 specialists, operating all over the globe.
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