Newmark has arranged a $58.5 million loan on behalf of Capstone Equities to acquire 205 West 28th Street, a new construction, boutique Class A office building in Chelsea. Newmark Co-President, Global Debt & Structured Finance Jordan Roeschlaub, Senior Managing Director Daniel Fromm and Director Chris Lozinak secured the financing from a joint venture between 1823 Partners, LLC and an affiliate of Savanna Asset Management.
Newmark Co-Heads of U.S. Capital Markets Adam Spies and Doug Harmon, alongside Executive Vice Chairmen Adam Doneger and Marcella Fasulo, represented the seller, Corem Property Group, in the sale transaction.
“This transaction not only marks our acquisition of a best-in-class asset but also reflects our continued partnership with Newmark across investment sales and debt and structured finance,” said Josh Zamir, Founding Partner, Capstone Equities. “We look forward to building on that collaboration.”
Delivered in 2022, 205 West 28th Street is a 100,000-square-foot boutique office building, distinguished by New York City’s only black terracotta facade, floor-to-ceiling windows and modern interior design. With efficient 8,685-square-foot floor plates, a 24/7 attended lobby and panoramic skyline views, the building caters to a diverse mix of tenants seeking new-construction quality and premium design in a central Midtown South location.
“205 West 28th Street embodies the type of next-generation office product that we believe in,” said Avi Kollenscher, partner, Capstone Equities. “It’s design-forward, strategically located and positioned to deliver the workplace experience that occupiers are seeking today.”.
