CB Richard Ellis’ Capital Markets Group has secured a $380 million loan for the recapitalization of Chelsea Market, the mixed-use property at 75 Ninth Avenue in Manhattan, brokers told The Commercial Observer.
The deal was negotiated on behalf of Jamestown, the owner of Chelsea Market, a 1.18 million-square-feet cluster of 15 buildings that houses companies like Time Warner, Major League Baseball and the Food Network. At closing, the occupancy of the property was at 99 percent.
Jeff Ackemann, Will Yowell, Justin Parsonnet, Jay O’Meara and Steve O’Brien of CB Richard Ellis represented Jamestown and arranged financing from Landesbank Baden-Wurttemberg, a German-based bank. “
Jamestown was extremely satisfied with the debt execution,” said Shak Presswala, a vice president and head of capital markets at Jamestown, in a statement last week. “CBRE compiled the best experts to complete the transaction successfully. The execution was smooth and the debt was a perfect match for our business plan.”