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

Financing comes from Mack Real Estate Credit Strategies

TRD New York /
Apr.April 23, 2018 02:30 PM

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


Related Articles

arrow_forward_ios

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

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Real estate firms get (green) thumbs down as they jump into climate bonds

arrow_forward_ios