Jamestown, CBRE refinance Chelsea Market Bizjournals.com (blog)
A huge New York deal has a strong Atlanta connection.
Jamestown has secured a $380 million loan and refinancing for Manhattan’s Chelsea Market, a former Nabisco factory that has been redeveloped into 1.1-million-square foot magnet for high tech and media companies including The Food Network, Time Warner and Google.
The property is located at 75 Ninth Avenue.
Jamestown, an Atlanta-based real estate investor of German capital, aims to repeat Chelsea Market’s success in transforming the massive City Hall East building, a former Sears factory. The project, on Ponce de Leon Avenue and North Avenue, has been renamed Ponce City Market.
CB Richard Ellis Inc.’s debt and equity finance team of Jeff Ackemann, along with institutional group executives Will Yowell, Justin Parsonnet, Jay O’Meara and Steve
O’Brien, arranged the financing for Chelsea Market from Landesbank Baden-Wurttemberg, a
German-based bank.
Ackemann has deep roots with Jamestown, where he was behind some of its highest-profile transactions, including the sale of several New York assets: 1211 Avenue of the Americas for about $1.5 billion; the GM building for $2.6 billion; and 620 Avenue of the Americas for $290 million.
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