Dalan Management, Elion Partners land $55M loan for Chelsea purchase

M&T Bank is the lender

TRD New York /
Oct.October 04, 2018 06:00 PM

From left: Dalan Management’s Danny Wrublin (blue), 102-116 Eighth Avenue, and, Elio Partners’ Shlomo Khoudari (yellow)(Credit: LinkedIn and Wikipedia)

Dalan Management and Elion Partners landed a $55 million mortgage for its acquisition of a residential and retail assemblage across from Google’s office building.
The partners acquired the properties, collectively called the “Chelsea Collection,” for $83 million earlier this week. The package, with the address of 102-116 Eighth Avenue, spans 115,000 square feet and contains 102 apartments and 10 retail spaces. The previous owner, the Brodsky Organization, acquired the buildings in 1994. The property is just across the former Port Authority building at 111 Eighth Avenue, which Google acquired for $1.9 billion in 2010.
The acquisition marks Dalan and Elion’s second joint purchase in New York. Last June, the firms acquired 2568 Broadway, a 67-unit apartment building at the corner of West 97th Street in the Upper West Side.
The loan in Chelsea replaces a $6.5 million M&T Bank mortgage from 2013. The new debt, also from M&T, includes $48.5 million in new financing. The loan package includes a $4.2 million construction loan and $3.6 million to cover soft costs.
Dalan and Elion did not immediately return requests for comment.

Related Articles

arrow_forward_ios
Ayush Kapahi, Zhang Xin and Danny Wrublin with 18 India Street (Linkedin, Getty, Google Maps, Wrublin by Chance Yeh)

Chinese billionaire unloads debt on struggling Greenpoint project

Chinese billionaire unloads debt on struggling Greenpoint project
Danny Wrublin and 260 Gold Street (Wrublin by Chance Yeh)

Record-setting multifamily deal comes together in Brooklyn

Record-setting multifamily deal comes together in Brooklyn
From left: Modell's CEO Mitchell Modell, Dalan Management's Danny Wrublin, and 22 West 38th Street (Credit: Getty Images and Google Maps)

Gotta go to Mo’s: Modell and Brodsky families pay $61M for Garment District office

Gotta go to Mo’s: Modell and Brodsky families pay $61M for Garment District office
Dalan Management, Elion Partners buy apartments across from Google HQ for $83M

Dalan Management, Elion Partners buy apartments across from Google HQ for $83M

Dalan Management, Elion Partners buy apartments across from Google HQ for $83M
Dalan Management recaps Midtown South office buildings in $54M deal

Dalan Management recaps Midtown South office buildings in $54M deal

Dalan Management recaps Midtown South office buildings in $54M deal
Dalan Management, Elion Partners buy Upper West Side building for $66M

Dalan Management, Elion Partners buy Upper West Side building for $66M

Dalan Management, Elion Partners buy Upper West Side building for $66M
Dalan pays $50M for leasehold on Turtle Bay rental

Dalan pays $50M for leasehold on Turtle Bay rental

Dalan pays $50M for leasehold on Turtle Bay rental
Sam Applegrad buys 135-unit Bronx rental complex for $25M

Sam Applegrad buys 135-unit Bronx rental complex for $25M

Sam Applegrad buys 135-unit Bronx rental complex for $25M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...