Highline Development wins $72m loan for Manhattan mixed-use scheme

Highline Development Group has landed $72 million in permanent first mortgage financing for its newly built mixed-use development in the Chelsea neighborhood of Manhattan. The property, located at 550 W. 29th Street, includes 19 units and more than 5,000 square feet of retail or gallery space on the ground floor. Adjacent to the High Line linear park, common amenities include a 24-hour doorman, 16-space bicycle storage station, fitness center, sauna and storage units for each residence. The ground-floor retail/gallery space offers 75 feet of street frontage and ceiling heights exceeding 13 feet. Madison Realty Capital sourced the funding on behalf of the borrower.