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**Capstone Equities Acquires Chelsea Office Building with $58.5M in Financing from Newmark**
Newmark has arranged a $58.5 million loan for Capstone Equities to acquire 205 West 28th Street, a newly constructed, boutique Class A office building in Manhattan’s Chelsea neighborhood. The financing was provided by a joint venture between 1823 Partners, LLC and an affiliate of Savanna Asset Management.
The financing team from Newmark consisted of Jordan Roeschlaub, Co-President of Global Debt & Structured Finance, along with Senior Managing Director Daniel Fromm and Director Chris Lozinak.
The sale of the property, which totaled $81 million, was represented by Newmark’s U.S. Capital Markets Co-Heads Adam Spies and Doug Harmon, along with Executive Vice Chairmen Adam Doneger and Marcella Fasulo. Corem Property Group was the seller.
“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 at Capstone Equities. “We look forward to building on that collaboration.”
Delivered in 2022, 205 West 28th Street offers 100,000 square feet of boutique office space. The building is designed to attract a diverse mix of tenants seeking high-quality, new construction in a prime Midtown South location.
*Photo courtesy of Cushman & Wakefield.*
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