Slate Asset Management, a global alternative investment platform focused on real estate and infrastructure, announced that Slate Real Estate Capital, the private credit business of Slate, has provided a $61.25 million senior loan facility to Slate Property Group for the acquisition and renovation of three multifamily properties located in the Chelsea neighborhood of Manhattan, New York. Slate Property Group is not affiliated with, or related to Slate Asset Management in any way.

The three properties are predominately walk-up, pre-war buildings comprising 94 rental units. The properties are in close proximity to prominent cultural landmarks and lifestyle amenities in Chelsea, a highly desirable area of New York City. Rental vacancy across Manhattan is currently near historic lows, and pent-up demand has led to significant increases in rental prices in the Chelsea submarket.

Slate Property Group plans to fully renovate the rental building with condo-quality finishes in addition to renovating the lobbies, common areas, and façades to deliver a modern and attractive rental product. Slate Property Group is a full service, owner, operator, and developer of residential and commercial real estate in the New York metropolitan area with a strong track record and extensive experience in executing similar repositioning projects.

Newmark represented the borrower for the transaction with a team lead by Dustin Stolly, Jordan Roeschlaub and Daniel Fromm.

Slate is an active lender through its real estate credit platform, Slate Real Estate Capital, which provides transitional capital and flexible liquidity to strong sponsors and assets across the commercial real estate industry. The firm works in partnership with borrowers and brokers, leveraging its proprietary technology capabilities to respond with speed and decisiveness to compelling debt investment opportunities. Since launching last summer, Slate Real Estate Capital has more than $500 million of new financings closed or in process.