CB Richard Ellis' Capital Markets Group secured a $380 million in conjunction with the recapitalization of Chelsea Market at 75 Ninth Avenue in Manhattan on behalf of Jamestown Properties according to a Citybizlist article. The loan, financed through Germany's Landesbank Baden-Wurttemberg, was used by Jamestown to buy out its partners in the property, Angelo, Gordon & Co., Belvedere Capital and original Chelsea Market developer Irwin Cohen.
"Lending on Manhattan assets is seen as less risky than other markets and that's been evident through the downturn," Dan Fasulo, managing director with global commercial real estate research and consulting firm Real Capital Analytics, told Commercial Property Executive. "Of the troubled assets we had in the country, Manhattan had the highest recovery rate for lenders when there was a default. It's proven to be rather resilient versus other markets."
The mixed-use property was originally a 22-building complex that served as the National Biscuit Company (now known as Nabisco) factory complex, filling two entire blocks. Chelsea Market was 99% occupied at the time of closing with major tenants including Google, Scripps Networks, Major League Baseball, EMI and Anthropologie.
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