The Real Deal New York

Chetrit, Bistricer land $380M refi for Gramercy Square condo project

SL Green is the lender
April 11, 2018 08:00AM

From left: Rendering of Gramercy Square, David Bistricer, Marc Holliday and Joseph Chetrit (Credit: Avoid Obvious)

The developers of the Gramercy Square condominium, a reimagining of the site of Cabrini Medical Center on East 20th Street, have locked down an extra boost in construction financing.

SL Green refinanced the original construction loan for the project, which is under development by Chetrit Group, Clipper Equity and Read Property Group, in a $380 million debt package, replacing loans in the amount of $345 million that were issued by Natixis and Apollo Commercial Real Estate Finance in 2015.

The Commercial Observer reported that Ironhound Management Company brokered the new financing.

The developers at Gramercy Square are at work on four buildings, which together will hold 223 apartments when complete. The project’s condominium offering plan, which has a total projected sellout price of $817.5 million, became effective late last month, meaning closings can begin, New York State Attorney General records show. [CO] — Will Parker