Black Spruce pulls off $75M refi of 13 Chelsea buildings

Cantor Commercial Real Estate provided financing for the 13 rental properties

TRD New York /
Aug.August 22, 2017 12:45 PM

From left: 310 West 22nd Street, 466 West 23rd Street and 309 West 29th Street in Chelsea

Josh Gotlib’s Black Spruce Management secured $75 million to refinance the firm’s portfolio of Chelsea multifamily properties, according to documents filed with the city Tuesday.

The financing, provided by Cantor Commercial Real Estate, includes a new $33 million mortgage, and consolidates $42 million in existing loans on 13 separate properties, the documents show.

Black Spruce paid $80 million for the 13-property portfolio last year.

The buildings are all located on a stretch from West 19th to West 29th streets, between Eighth and 10th avenues. The addresses include 341 West 19th Street; 348 West 21st Street; 310, 431, 454 and 456 West 22nd Street; 326, 416-418 and 466 West 23rd Street; and 307, 309 and 313 West 29th Street.

The firm, led by Josh Gotlib, is based in Noho and has previously focused on rentals in the Bronx and Brooklyn. In February, Black Spruce paid $27 million to Sylvester Smolarczyk’s SMK Property Management for eight rental properties in Greenpoint.

Representatives for Black Spruce and Cantor could not be immediately reached for comment.

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