The Real Deal New York

Chetrit gets $128M financing for Jamaica project

Developer planning 324 apartments at former Mary Immaculate Hospital site
By Hiten Samtani | December 30, 2016 05:15PM

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 TRData LogoTINY 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.

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.