Foremost Real Estate lands Refi at 127 West 25th Street

Dan Shavolian’s Foremost Real Estate has secured a $61 million loan from Bank of America to refinance 127 West 25th Street. The Chelsea office building spans 104,500 SF, and is fully occupied by the non-profit Bowery Residents’ Committee, according to CO.

• Financing breakdown: The 10-year, interest-only loan carries a 3.84 percent interest rate and retired $47.9 million in existing debt from LoanCore Capital, cashed out $10.7 million in equity, paid $2.5 million in defeasance costs, and covered $1.2 million in closing costs.