Chetrit, Clipper secure $345M financing for Cabrini conversion

Natixis Real Estate Capital led the senior loan deal

New York /
Jul.July 30, 2015 01:35 PM

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 


Related Articles

arrow_forward_ios
(Extell, Ritz Carlton, Gryffindor, CC BY-SA 3.0, via Wikimedia Commons)
Bank OZK dominated Manhattan’s top real estate loans in February
Bank OZK dominated Manhattan’s top real estate loans in February
From left: Michael Stern and Joseph Chetrit in front of 9 DeKalb Avenue in Brooklyn (Getty Images, JDS Development, LoopNet/Photo Illustration by Steven Dilakian for The Real Deal)
Chetrit and Stern go toe-to-toe on Downtown Brooklyn supertall
Chetrit and Stern go toe-to-toe on Downtown Brooklyn supertall
Inside the rent roll at Chetrit’s 26 Broadway
Inside the rent roll at Chetrit’s 26 Broadway
Inside the rent roll at Chetrit’s 26 Broadway
(Getty, Winick)
Chetrit Group sells 1231 Third Avenue
Chetrit Group sells 1231 Third Avenue
The Chetrit Organization’s Michael Chetrit, Harbor Group International CEO Jordan Slone and 850 Third Avenue (Harbor Group, 850thirdavenue)
Chetrit Org’s 850 Third Avenue heads to foreclosure auction
Chetrit Org’s 850 Third Avenue heads to foreclosure auction
Joseph Chetrit with the Tides Hotel  (Getty, Tides via Facebook)
Chetrit’s lender alleges it stole $2M insurance payout for South Beach hotel damage
Chetrit’s lender alleges it stole $2M insurance payout for South Beach hotel damage
A rendering for 118 Hope Street and Clipper Equity’s David Bistricer (Photos via Clipper Equity)
Bistricer lands $79M loan for Williamsburg multifamily project
Bistricer lands $79M loan for Williamsburg multifamily project
(Moinian Group, CVS)
CVS signs lease for 512 7th Avenue store
CVS signs lease for 512 7th Avenue store
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...