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.
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