The Real Deal New York

Chetrit, Clipper secure $345M financing for Cabrini conversion

Natixis Real Estate Capital led the senior loan deal

July 30, 2015 01:35PM


From left: Joseph Chetrit, David Bistricer and rendering of Gramercy Square in Gramercy Park

Chetrit Group and Clipper Equity took out a $280 million senior loan and also secured $65.5 million in mezzanine debt for the condo conversion at the former Cabrini Medical Center.

Natixis Real Estate Capital led the senior loan deal, and Malaysia-based Maybank, Bank of China, Investors Bank and TD Bank also took part, according to the New York Observer. The three-year deal has two one-year extension options.

Apollo Commercial Real Estate Finance provided the mezzanine debt.

Meridian Capital Group’s Ronnie Levine and Steven Adler negotiated the debt deal.

Chetrit and Clipper purchased the former Cabrini Medical Center at 224 East 20th Street in the Gramercy Park area for $150 million in May 2013.

The developers are planning a conversion of three buildings and will construct one building from the ground up. In total, the complex will contain 223 luxury condos. [NYO] — Tess Hofmann