Prime Finance Supplies $63M Refi for Chelsea Multifamily Portfolio

September 9, 2026 - 18:46

Slate Property Group has closed on a $63 million refinancing package covering three multifamily properties in Manhattan's Chelsea neighborhood. The deal, arranged by Prime Finance, retires prior acquisition debt tied to the buildings and provides additional capital for ongoing improvements.

The portfolio includes three walk-up apartment buildings located between Eighth and Tenth Avenues, totaling roughly 100 residential units. Slate originally purchased the properties in separate transactions over the past several years, using short-term bridge loans. The new financing converts those positions into a single, longer-term fixed-rate loan with more favorable terms.

A representative for Slate said the refinancing locks in a lower interest rate and extends the maturity schedule, giving the firm breathing room to execute its business plan. The buildings are fully leased, with a mix of rent-stabilized and market-rate units. The lender focused on the portfolio's strong occupancy and consistent cash flow rather than relying on future rent growth.

Prime Finance structured the deal as a floating-rate loan with an initial term of five years, including two one-year extension options. The transaction closed in late February, according to public records filed with the city. No brokers were listed on the deal, indicating it was negotiated directly between Slate and the lender.

The Chelsea submarket has seen steady investor interest due to its proximity to transit hubs and commercial corridors, though rising insurance and maintenance costs have pushed some owners to refinance rather than sell. Slate has been active in the neighborhood, having acquired several similar walk-up assets over the last three years. The firm plans to use part of the new proceeds for facade repairs and boiler upgrades at two of the buildings.