Alchemy-ABR Receives $ 183 Million Loan In Chelsea

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Kenneth Horn and Brian Ray of Alchemy ABR featuring 258-278 Eighth Avenue (Alchemy ABR, JJ Operating)

Kenneth Horn and Brian Ray of Alchemy ABR featuring 258-278 Eighth Avenue (Alchemy ABR, JJ Operating)

Alchemy-ABR continues to issue huge construction loans in Midtown.

In addition to co-developer JJ Operating, the company has received $ 183 million in funding from PacWest and Square Mile Capital Management to expand its mixed-use facility at 258-278 Eighth Avenue in Chelsea, according to the Commercial Observer.

JJ Operating acquired the property about four years ago for just over $ 107 million and in April filed a demolition permit for the site, which now includes a CVS pharmacy and the permanently closed New York Sports Club. Development is expected to begin on a 190-unit, 210,000-square-foot residential mixed-use project in the first quarter of next year.

Along with the tenements in the new development, the ground floor area of ​​33,000 square feet will be home goal, which pre-leased 28,000 square feet in November. Other amenities are expected to include a seating area, rooftop terrace, fitness center and Speakeasy bar.

This is the second time Alchemy-ABR has received a major building loan in recent weeks. In June, Alchemy-ABR and shareholder Cain International received $ 250 million in financing the construction of a 26-story office tower at 123-141 West 57th Street.

[CO] – Holden Walter-Warner



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