The Real Deal New York

Chetrit lands $83M loan to refi DoBro hotel, rental property

Financing comes from Mack Real Estate Credit Strategies
April 23, 2018 02:30PM

85 Flatbush Avenue Extension and Joseph Chetrit (Credit: Kutnicki Berstein Architects)

The Chetrit Group has received an $82.5 million loan for refinancing its Downtown Brooklyn residential-and-hotel property at 85 Flatbush Avenue Extension.

Mack Real Estate Credit Strategies provided Chetrit with the mortgage, which is backed by a building is home to the Tillary Hotel and luxury rental apartments, according to the Commercial Observer. The loan is also backed by condominium units in Chetrit’s project at 135 West 52nd Street.

The deal refinances and replaces about $40 million of construction financing from TD Bank for the Tillary and 60 Duffield, and it includes a three-year, $19.5 million bridge loan as well.

Both buildings are part of the roughly 126,000-square-foot mixed-use property at 85 Flatbush Avenue Extension. Tillary is located on the first six floors, and 60 Duffield is located on the seventh through 12th floors.

Chetrit has a 60 percent stake in the building, while Read Property Group owns the other 40 percent. [CO]Eddie Small