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

SL Green is the lender

Apr.April 11, 2018 08:00 AM

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 

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

The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

(Credit: iStock)

Thousands of CRE borrowers call on banks for debt relief

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

Angel Oak Cos. CEO Michael Fierman and Flagstar Bancorp Inc. CEO Alessandro DiNello (Credit: Angel Oak, Flagstar, iStock)

Mortgage market dries up for unconventional home loans

A WeWork office (Credit: Alex Tai/SOPA Images/LightRocket via Getty Images)

WeWork offers rent discounts as incentive to secure long-term leases

Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch