The Real Deal New York

Isaac Chetrit, Yadidi score $130M refi for Midtown office buildings

Investors acquired two properties for combined $116M in 2012
October 12, 2015 05:02PM

Investors Isaac Chetrit and Ray Yadidi refinanced two Diamond District buildings with a $130 million loan from Signature Bank.

The refinancing, arranged by Meridian Capital Group, will go toward 15 West 47th Street and 22 West 48th Street, both located in Midtown between Fifth and Sixth avenues.

The debt is split between the two properties, according to the New York Observer, with a $75 million mortgage on the 18-story 15 West 47th Street and a $55 million loan on the 15-story 22 West 48th Street. The refinancing carries a seven-year term with an interest rate of 3.88 percent.

Chetrit and Yadidi bought the buildings, primarily filled with diamond and gem-related companies, for a combined $116.3 million in 2012. They financed the acquisition with a $70 million loan from Wells Fargo, which was also arranged by Meridian.

Chetrit and partner Jacob Aini acquired a 14-story Midtown office building, at 315 West 35th Street, for $43 million at a bankruptcy auction earlier this year, with plans to convert the property into high-end residential condominiums.

Chetrit also bought two Garment District buildings, at 1412 and 1420 Broadway, from Harbor Group International for a combined $268 million last year. [NYO]Rey Mashayekhi