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New York

Lalezarian lands $220M financing package for West Chelsea resi complex

The lender is Wells Fargo

509 West 28th Street (Credit: Google Maps)
509 West 28th Street (Credit: Google Maps)

Lalezarian Properties landed a $220 million financing package for 507 West Chelsea, a three-building complex that spans 10th Avenue between 28th and 29th Streets.

The new debt replaces $165 million in bonds that New York State Housing Finance Agency provided in 2013, according to mortgage documents filed with the city Thursday. Wells Fargo acquired $135 million in previous bonds and assumed $85 million in newly issued debt from HFA.

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The complex, designed by Avinash K. Malhotra Architects, spans about 400,000 square feet and contains 375 apartments. The biggest property in the assemblage is 507 West 28th Street, a 35-story tower along 10th Avenue.

Lalezarian owns a number of buildings on the West Side of Manhattan. Its portfolio includes 515 West 36th Street, a 38-story, 250-unit apartment building, and 606 West 30th Street, a 37-story residential tower. It expanded its holdings in Manhattan last month with the $25 million acquisition of 22 East 56th Street.

Kevin Lalezarian, the firm’s principal, did not immediately return a request for comment.

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Lalezarian PropertiesWells Fargo