News & Press
Multi Capital (MCG) arranges $19,200,000 Condo Conversion loan in NYC.
New York, NY
Multi Capital, has arranged for a $19,200,000 condominium conversion loan in connection with their client's purchase of 15 West 17th Street in the Chelsea neighborhood of New York City.
The loan was a combination of Senior Debt and preferred equity for a total capital structure of 95% LTC. The property located in the trendy neighborhood of Chelsea NY, consists of an existing 11 story building. The project's total square footage is approximately 23,100 SF.
Multi Capitals' client for this transaction is a leading multi-family / office building owner and operator for over 30 years. The client has a proven track record of successfully developing and repositioning properties in all of the Tri-State markets. The client has extensive experience with all aspects of multi-family real estate including: land assemblage and planning, construction rehabilitation and residential condominium conversions. The client owns and/or manages more than 5,000,000 SF of real estate in the New York Tri-State region.
About Multi Capital LLC
Multi Capital, Inc. (www.Multi-Capital.com) is a nationwide finance company specializing in the full spectrum of real estate financing. Multi Capital is known for its expertise in arranging Senior Debt, Mezzanine, and Equity for Development Deals. With its financing experts originating from the real estate development arena, Multi has the expertise needed to syndicate these transactions.
Multi Capital provides a service that is unmatched in efficiency, speed, and thoroughness. Multi currently has over $600,000,000 in development deals in the pipeline.