**RIPCO Real Estate Secures $47M Mortgage for Meatpacking District Property**
RIPCO Real Estate has arranged a $47 million first mortgage loan from JPMorgan to finance 415 W. 13th Street in Manhattan’s Meatpacking District, on behalf of MacArthur Holdings. The financing supports two fully leased retail and office condominium units—Unit 1S at 11,980 square feet and Unit 3S at 50,727 square feet—which together comprise 68% of the building’s total rentable area.
The loan proceeds were used to refinance existing debt and cover closing costs.
The financing was structured by RIPCO’s Capital Advisory team, led by Executive Managing Director Adam Hakim, along with Managing Directors James Murad and Michael Winter.
“This financing speaks to the continued strength of institutional interest in high-quality, income-producing assets located in Manhattan’s most dynamic submarkets,” said Murad. “We were pleased to work closely with both MacArthur Holdings and JPMorgan to structure a loan that supports the long-term value and stability of this fully leased, well-located property.”
*Photo credit: Todd Eberle/Selldorf Architects.*
