Multi Capital Group Arranges for $19,200,000 Loan in New York NY for a Total Capital Structure of 95% LTC

Multi Capital Group, a Real Estate Investment Banking Firm, has arranged for a $19,200,000 condominium conversion loan in New York NY.

New York, NY (PRWEB) May 6, 2005 -- Multi Capital Group, a Real Estate Investment Banking Firm, has arranged for a $19,200,000 condominium conversion loan in New York NY. The loan was a combination of Senior Debt and preferred equity for a total capital structure of 95% LTC. The property located in the trendy neighborhood of Chelsea NY, consists of an existing 11 story building. The property contains a total of 10 residential units, plus a penthouse each occupying a full floor. Amenities and finishes include high-end fixtures, and include hard wood floors, granite kitchen counters, state of the art appliances and stylish baths.

Chelsea is home to a wide range of people and activities and has recently undergone a transformation that has made it one of New York's most happening neighborhoods. Old warehouses that were once factories and breweries are being converted into gallery spaces, nightclubs and residential lofts. With the newly paved Hudson River Park and the massive Chelsea Piers Sports and Recreation Complex, Chelsea has become a favorite spot for sports enthusiasts.

A major NYC developer is converting the building for high end, luxury condominium units.

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