Slate real estate group secured $61.25 million in financing for the acquisition and renovation of three multi-family properties in Manhattan’s Chelsea neighborhood, Commercial Observer can first report. The loan was granted by Slate Asset Management.
Newmark arranged the deal with a team led by Dustin Stolly and Jordan Roschlaub in the same way Daniel Fromm. by Newmark Dan Morin and Andrew Harwood helped with the execution.
Located at 301 West 22nd Street, 300 West 21st Street and 229 West 20th Street, all three properties are pre-war, mostly walk-up buildings comprising 94 rental units. The properties are located within a block of each other and the Slate team plans to renovate the units at market price. According to a press release, the works will include the renovation of the halls, common areas and facades.
“This funding will allow Slate Property Group to acquire and execute its business plan to modernize properties and bring rents in line with the market,” Stolly said in a prepared remark. “We also commend Slate Asset Management for closing the loan in accordance with the application despite the volatility in the debt markets.”
Slate Property Group and Slate Asset Management did not immediately respond to request for comment.
Emily Fu can be reached at [email protected].