Chetrit gets $128M financing for Jamaica project

Developer planning 324 apartments at former Mary Immaculate Hospital site

From left: Joseph Chetrit, rendering of 150-13 89th Avenue (credit: Goldstein, Hill & West via YIMBY) and Adi Chugh
From left: Joseph Chetrit, rendering of 150-13 89th Avenue (credit: Goldstein, Hill & West via YIMBY) and Adi Chugh

The Chetrit Group scored about $127.5 million in construction financing for its planned multifamily redevelopment of the Mary Immaculate Hospital site in Jamaica, sources told The Real Deal.

Chetrit [TRDataCustom] is planning a four-building complex at 150-13 89th Avenue in downtown Jamaica, with 324 apartments. The developer acquired the site, which offers more than 415,000 buildable square feet right next to Rufus King Park, for about $4.8 million in 2009, according to New York YIMBY. The project is slated to cost about $175 million, sources said.

Bank of the Ozarks provided a roughly $88 million first mortgage, in a deal brokered by Maverick Commercial Properties’ Adi Chugh. The rest of the financing came in the form of a mezzanine loan from Arbor Commercial Mortgage. Both debt deals closed Thursday.

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Iron Hound Management’s Robert Verrone brokered the mezzanine debt, sources said.

Chetrit, headed by Joseph and Meyer Chetrit, is also planning a 46-story apartment and hotel project at Hudson Yards.  In April, the developer sold the Sony Building at 550 Madison Avenue to the Olayan Group for $1.4 billion.