Billionaire Chinese owner of GM Building is now a lender to Chetrit

The developer refinanced townhouse developments on East 76th Street

New York /
Dec.December 27, 2017 05:50 PM

From left: Joseph Chetrit, Zhang Xin and 110-112 East 76th Street (Credit: Getty Images and Google Maps)

Zhang Xin and Pan Shiyi, the Chinese real estate moguls and minority owners of the GM building, are getting in on the Manhattan lending game. The pair’s new lending business, Seven Valleys, refinanced the Chetrit Group’s Upper East Side trio of townhouses with a $63 million package, records filed with the city Wednesday show.

The debt includes a new $23 million mortgage and a refinancing of a $35 million loan from Signature Bank. Representatives for Chetrit and Seven Valley were not immediately available for comment.

Chetrit put the three townhouses at 110-120 East 76th Street on the market last month for a combined $134 million. Each townhouse is between 13,000 and 15,000 square feet and has between five and eight bedrooms. Chetrit converted six pre-existing Buildings On The Street, which were owned by Lenox Hill Hospital, after acquiring them in 2007.

Xin and husband Shiyi are co-owners of Soho China, a major real estate investment company based in Beijing. Along with Brazilian banker Moise Safra, the company took a 40 percent stake in the GM building in 2013, paying $700 million.

In October, the couple announced the opening of Seven Valleys, which plans to provide $2 billion in mezzanine and bridge financing, and other real estate debt over the next two years, according to a report in Commercial Mortgage Alert.

Chetrit Group, one of New York’s most prolific condominium developers, last month debuted renderings for an upcoming 130-unit condo project at Gramercy Square it’s developing with partner Clipper Equity.


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

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

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Clare Newman with Governors Island (Credit: Governors Island, Getty Images)

Governors Island redevelopment opposed as excessive

Governors Island redevelopment opposed as excessive
Gov. Andrew Cuomo (Getty, iStock, NY State Budget)

Cuomo proposes tax credits for restaurants, income tax increases

Cuomo proposes tax credits for restaurants, income tax increases
Blackstone's Ken Caplan (iStock; Blackstone)

Industrial now 36% of Blackstone’s RE portfolio

Industrial now 36% of Blackstone’s RE portfolio
Almanac Realty Investors managing director Matthew Kaplan (Almanac Realty; iStock)

Workforce housing investor gets $320M boost

Workforce housing investor gets $320M boost
Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building
 Robert Morse, executive chairman of Bridge Investment Group, one of the major Opportunity Zone investors focusing on real estate.  (Bridge, Stanford)

Opportunity Zone investments got a boost in 2020

Opportunity Zone investments got a boost in 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...