RIMCO secures $ 39M CMBS loan for the School of Visual Arts in Chelsea – Commercial Observer

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As we wrap up a busy week of business in New York City, there is more good news to report before we officially activate our “ weekend mode ” switch.

Citigroup closed a $ 39 million CMBS refinancing for RIMCOof 335 West 16th Street in Manhattan’s Chelsea neighborhood, Commercial Observer learned.

B6 Real estate advisersSteven sperandio, partner and senior managing director of the firm, negotiated the agreement with the managing director of B6 Matt Shatz, while Citi Eric Mirvis led the senior loan on behalf of the lender, sources said.

Funding closed on May 27.

The property houses the School of Visual Arts (SVA), which leases the entire building – 54,000 square feet – and uses it primarily for its world-renowned Fine Arts department.

SVA’s rapid growth has not been derailed by COVID, and the multidisciplinary college of art and design recently renewed its lease at the property for a 20-year term without any termination options in a triple lease structure. network.

The building also enjoys a prime location in Chelsea, located just across the street from Googlethe massive campus and close to the Dream Downtown Hotel and the Maritime Hotel.

As CO previously reported, Sperandio is also leading the sale of 251 Flagler Street – a 2.5 acre blend – in downtown Miami.

B6 and Citi officials could not be reached immediately for comment on Friday afternoon.



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