ATLANTA (May 27, 2011) - Jamestown, which is working to secure historic preservation tax credits and close on its acquisition of City Hall East in Atlanta, is seeking to recapitalize one of its well-known holdings in New York.
Atlanta-based Jamestown is seeking a 10-year, fixed-rate loan of up to $400 million on Chelsea Market, a 1.2 million-square-foot mixed-use development that covers a city block in Manhattan, according to the May 27 edition of Commercial Mortgage Alert. The newsletter quotes "market players" as the source of the information.
Jamestown is hitting the debt market after announcing plans to acuire the 25 percent of Chelsea Market it aleady does not own for $225 million. The German syndicate also has announced new plans to build new office space and a hotel atop the former Oreo Cookie factory.
The occupancy rate of Chelsea Market's 975,000 square feet of office and 225,000 square feet of retail was 95 percent at year end 2010, according to Commercial Mortgage Alert. Tenants include Google and Oxygen Media.
Though the credit markets remain somewhat tight, we expect Matt Bronfman and Co. at Jamestown to complete the funding task - a favorable rates.