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

arrow_forward_ios
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

From top: the Mondrian Oriental, Soho House and Colony Club (Credit: Google Maps, iStock)

A stunning 7,300 Covid-related layoffs in two days reported to state

Commercial loans expected to suffer because of the pandemic (Credit: iStock)

March saw fewer CMBS delinquencies. That is likely to change: Fitch

The Javits Center and 461 West 34th Street, with Marx Development Group’s David Marx (Credit: Javits Centerby Pablo Monsalve / VIEWpress via Getty Images; Google Maps)

As hotels across NYC shutter, David Marx’s fills rooms

(Credit: iStock)

Thousands of CRE borrowers call on banks for debt relief

A rendering of 2505 Bruckner Boulevard and Andrew Chung (Credit: Innovo Property Group) 

Innovo, Square Mile land $305M in construction financing for Bronx warehouse

Banks, funds, mortgage REITs, and agencies like Fannie Mae and Freddie Mac have all begun adjusting their lending approach in face of the economic downturn (Credit: iStock)

These are the sectors where real estate lending is still happening: report

arrow_forward_ios
Loading...