Slate Asset Management Provides $61.25 Million Senior Loan Facility for the Acquisition and Renovation of a Three-Property Multifamily Portfolio in the Chelsea Neighborhood of Manhattan
Slate Asset Management ("Slate"), a global alternative investment platform focused on real estate and infrastructure, announced today that Slate Real Estate Capital, the private credit business of Slate, has provided a $61.25 million senior loan facility to Slate Property Group for the acquisition and renovation of three multifamily properties located in the Chelsea neighborhood of Manhattan, New York. Slate Property Group is not affiliated with, or related to Slate Asset Management in any way.
The three properties are predominately walk-up, pre-war buildings comprising 94 rental units. The properties are in close proximity to prominent cultural landmarks and lifestyle amenities in Chelsea, a highly desirable area of New York City. Rental vacancy across Manhattan is currently near historic lows, and pent-up demand has led to significant increases in rental prices in the Chelsea submarket.
Slate Property Group plans to fully renovate the rental building with condo-quality finishes in addition to renovating the lobbies, common areas, and façades to deliver a modern and attractive rental product. Slate Property Group is a full service, owner, operator, and developer of residential and commercial real estate in the New York metropolitan area with a strong track record and extensive experience in executing similar repositioning projects.
Newmark represented the borrower for the transaction with a team lead by Dustin Stolly, Jordan Roeschlaub and Daniel Fromm.
Slate is an active lender through its real estate credit platform, Slate Real Estate Capital, which provides transitional capital and flexible liquidity to strong sponsors and assets across the commercial real estate industry. The firm works in partnership with borrowers and brokers, leveraging its proprietary technology capabilities to respond with speed and decisiveness to compelling debt investment opportunities. Since launching last summer, Slate Real Estate Capital has more than $500 million of new financings closed or in process.
About Slate Asset Management
Slate Asset Management is a global alternative investment platform focused on real estate and infrastructure. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate's platform spans a range of investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
News published on and distributed by:
