**Newmark Secures $58.5M Loan for Chelsea Office Building Acquisition**
Newmark has successfully arranged a $58.5 million loan on behalf of Capstone Equities for the acquisition of 205 W. 28th Street, a newly constructed, boutique Class A office building located in Manhattan’s Chelsea neighborhood.
The financing was secured by Newmark’s Co-President of Global Debt & Structured Finance Jordan Roeschlaub, along with Senior Managing Director Daniel Fromm and Director Chris Lozinak. The loan was provided by a joint venture between 1823 Partners, LLC and an affiliate of Savanna Asset Management.
In addition to arranging the financing, Newmark’s U.S. Capital Markets Co-Heads Adam Spies and Doug Harmon, along with Executive Vice Chairmen Adam Doneger and Marcella Fasulo, represented the seller, Corem Property Group, in the $81 million transaction.
“This transaction not only marks our acquisition of a best-in-class asset, but also reflects our continued partnership with Newmark across investment sales and debt and structured finance,” said Josh Zamir, Founding Partner of Capstone Equities. “We look forward to building on that collaboration.”
Delivered in 2022, 205 W. 28th Street comprises 100,000 square feet and offers tenants high-end, new-construction office space with premium design. Located in Midtown South, the building serves a diverse mix of occupants seeking modern design in a central urban setting.
*Photo courtesy of Cushman & Wakefield.*
