HFF arranged a $130 million loan to refinance The Capitol at Chelsea, a luxury multi-housing community located at 55 West 26th Street in Manhattan. HSBC Bank USA provided funding for the loan, which features a seven-year term. The borrowers are institutional investors advised by J.P. Morgan Asset Management.
The Capitol at Chelsea was completed in 2001 and contains 387 residential units, 67,329 sq. ft. of retail and offices and a 140-space parking garage within a 38-story tower. Amenities at the property include a state-of-the-art fitness center and concierge services. Starbucks, Valley National Bank, Tutor Time and Beth Israel Hospital occupy the commercial portion of the building.
“This transaction reflects an interesting inflexion point in the debt markets at which swapped bank deals prove formidable competition to other traditional fixed-rate debt sources,” said HFF Associate Director Jennifer Keller, who along with Senior Managing Director Whit Wilcox represented the borrower in the transaction.