{"id":1004352716,"date":"2019-09-17T04:50:05","date_gmt":"2019-09-17T12:50:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004352716"},"modified":"2021-09-10T09:10:21","modified_gmt":"2021-09-10T17:10:21","slug":"chelsea-warehouse-conversion-project-receives-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chelsea-warehouse-conversion-project-receives-financing\/","title":{"rendered":"Chelsea Warehouse Conversion Project Receives Financing"},"content":{"rendered":"<div id=\"attachment_1004352719\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/warehouse.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004352719\" data-attachment-id=\"1004352719\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/chelsea-warehouse-conversion-project-receives-financing\/warehouse-3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/warehouse.png\" data-orig-size=\"1039,805\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"541-545 W. 21st St. Image via Google Street View\" data-image-description=\"&lt;p&gt;541-545 W. 21st St. Image via Google Street View&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;541-545 W. 21st St. Image via Google Street View&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/warehouse.png?w=1024\" loading=\"lazy\" class=\"wp-image-1004352719 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/warehouse.png\" alt=\"\" width=\"300\" height=\"232\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/warehouse.png 1039w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/warehouse.png?resize=300,232 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/warehouse.png?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/warehouse.png?resize=1024,793 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004352719\" class=\"wp-caption-text\">541-545 W. 21st St. <em>Image via Google Street View<\/em><\/p><\/div>\n<p>G4 Capital Partners has provided a $56 million construction loan to Erbo Properties to finance the conversion of a vacant warehouse in Midtown Manhattan into office space with a ground-floor retail component. The mortgage follows a $23.4 million bridge loan funded in March, which was used to cover pre-development costs.<\/p>\n<p>The landlord will handle the redevelopment process alongside Ray Cecora and Peter Cecora of Higher Ground Development. Upon completion, the eight-story, 65,000-square-foot building will feature high ceilings and modern, industrial finishes, new elevators, a new facade, larger windows and rooftop amenities. The previous tenant, art-storage business Crozier, vacated the building in 2016.<\/p>\n<p>The asset is located at 541-545 W. 21<sup>st<\/sup> St. in the West Chelsea submarket. It is a half-block away from The Highline elevated park, which became an increasingly desirable area for commercial development. Additionally, the property\u2019s redevelopment falls in line with <a href=\"https:\/\/www.commercialsearch.com\/news\/google-grows-manhattan-footprint-with-280-ksf-lease\/\">other adaptive reuse projects<\/a>, which&nbsp;have been successfully keeping major tenants&nbsp;in Manhattan. &nbsp;<\/p>\n<p>JBA Equities Principal Jonathan Aghravi originated the loan alongside Charles Han. G4 Capital Partners Co-Managing Principals Jason Behfarin and Robyn Sorid were involved in the financing deal.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JBA Equities arranged the $56 million mortgage, which will be used for the structure\u2019s transformation into an office building with ground-floor retail. <\/p>\n","protected":false},"author":741,"featured_media":1004352719,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[47009,47006,47012],"class_list":["post-1004352716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-erbo-properties","tag-g4-capital-partners","tag-jba-equities"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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