Nouvel’s Chelsea tower gets recap loan

Commercial real estate investment firm Pembrook Capital Management has
agreed to provide a $47.1 million, 24-month recapitalization loan for
the 100 11th Avenue condominium development in Chelsea, the lender
announced today. The new condo building on the corner of 19th Street,
where construction has been completed, is more than 50 percent sold,
according to Pembrook, with 26 of its 54 units closed. Closings began in November of last year, as The Real Deal
previously reported. The development previously had a $110 million loan
from Fremont Investment, which was inked in early 2007. TRD