May 10, 2017
The plan for 115 Seventh Ave. is finally coming to fruition in Manhattan’s Chelsea neighborhood, with a $46 million loan from Silverpeak Argentic, arranged by NGKF.
A partnership led by Ashkenazy Acquisition bought the building back in 2014 for $57 million, according to StreetEasy. Since then, the owners have demolished the interior and found a tenant for the upper floors: SOSA, an Israel-based startup networking company and co-working space has signed a long-term lease.
The new three-year, floating rate loan is $1.2 million larger than the loan it replaces, and the signed lease allows the property to support more debt. The extra cash will help pay to renovate the upper floors for SOSA. Many lenders bid to provide this financing. The borrowers chose balance sheet lender Silverpeak Argentic for their ease of execution.
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