Isaac Chetrit, Aini secure $160M refi for 1412 Broadway

Wells Fargo provided five-year loan for 24-story office building

1412 Broadway in the Garment District (inset: Meridian Capital Group's David Hayum)
1412 Broadway in the Garment District (inset: Meridian Capital Group's David Hayum)

Isaac Chetrit and Charles Aini scored a $160 million refinancing from Wells Fargo Bank for their 24-story Garment District office building at 1412 Broadway, sources told The Real Deal.

The deal for the five-year loan, which carries a 2.85 percent interest rate, closed Wednesday, a spokesperson for Meridian Capital Group [TRDataCustom] confirmed.

The refinancing is timed with the owners’ renovation plans for the 415,000-square-foot property and the three-story retail building next door at 1420 Broadway. They are planning to expand the smaller building into a hotel five times its current size. The hotel’s new ground-floor retail space would connect to the lobby of 1412 Broadway. The owners also aim to convert the penthouse office floor and rooftop of 1412 into a bar and restaurant.

In 2014, Chetrit and Aini bought both buildings for a combined $268 million from Jordan Slone’s Harbor Group International.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Meridian’s David Hayum and Tal Savariego brokered the financing.

Chetrit runs AB & Sons with his older brother Eli, while Aini runs Aini Assets with his father Jacob. Neither firm could be immediately reached for comment.

The property, also known as 121-127 West 39th Street, is fully occupied. Office tenants include apparel manufacturers One Step Up and Kasper, which each occupy roughly 50,000 square feet, according to CoStar data. StubHub signed a lease for a small retail space there in January.

Wells Fargo is a frequent lender to Chetrit, including on a $125 million refinancing of Uniqlo’s Soho flagship earlier this year.