Bank of the Ozarks, two other lenders just gave Chetrit $170M loan for retail-hotel project

Developer planning 300-key tower at 255 West 34th Street

TRD New York /
Sep.September 15, 2017 10:00 AM

Renderings of 255 West 34th Street (Credit: Winick Realty via CityRealty)

The Chetrit Group is $170 million closer to finishing its hotel at 255 West 34th Street.

The developer closed Thursday on a $170 million construction loan for the hotel and retail project, with the senior portion of the money coming from Bank of the Ozarks, according to the Commercial Observer. Melody Capital Partners and Arbor Commercial Mortgage provided funding on the mezzanine portion of the capital stack.

The Chetrit Group filed plans for a 33-story hotel with 300 rooms on its West 34th Street property in April 2016, as The Real Deal previously reported. The project would also include retail at the cellar level and at the first and second floors, and hotel amenities would include a fitness room, a restaurant and lounge, and an outdoor pool and pool bar.

Chetrit initially partnered with Cornell Realty Management in 2015 to purchase 251-255 West 34th Street for about $61 million, but the companies have since dissolved their partnership and split up the land. [CO]Eddie Small

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Blackstone Chairman Stephen Schwarzman (Credit: Blackstone via YouTube)

It will make you laugh, it will make you … cringe: Blackstone’s latest holiday video

Paul Volcker (Credit: Getty Images)

Paul Volcker, Fed Chair who infuriated real estate, dies

Renderings of The William Vale and Denizen Bushwick with a Tel Aviv Stock Exchange ticker

All Year eyes sale of William Vale to pay off bonds

Billy Macklowe and Key Food at 120 Fifth Avenue in Brooklyn (Credit: Getty Images and Google Maps)

Billy Macklowe looking to break into Brooklyn

Redwood Trust’s CEO Christopher J. Abate (Credit: iStock)

Wall Street is collecting rent payments

From left: 1407 Broadway, 805 Third Avenue and 195 Broadway (Credit: Google Maps)

These were the 10 largest Manhattan real estate loans in November