Chetrit lands $85M loan for Hudson Yards mixed-use project

Predevelopment loan from JPMorgan Chase and Mack Real Estate is for 545 West 37th Street

TRD NEW YORK /
Dec.December 27, 2018 04:00 PM

545 West 37th Street

UPDATED, 4:57 p.m. Dec. 27: The Chetrit Group has received an $85 million refinancing for its massive mixed-use project at 545 West 37th Street, according to sources familiar with the deal.

The predevelopment loan comes from JPMorgan Chase and Mack Real Estate, and it was arranged by Galaxy Capital. Maverick Capital Partners also helped broker the deal on the JPMorgan side.

Representatives for Chetrit and JPMorgan did not respond to requests for comment. Representatives from Galaxy Capital and Mack Real Estate declined to comment.

Chetrit bought the Hudson Yards development site in 2012 for $26.5 million. The firm is planning a 46-story hotel and residential project that should span about 373,000 square feet and stand 622 feet tall. The hotel will be on floors nine through 27 and contain 358 rooms, and the residential portion will occupy floors 32 through 46 and contain 131 residential units.

Correction: An earlier version of this story misidentified one of the brokers. It was Maverick Capital Partners, not Maverick Real Estate Partners.


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

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

Denizen Bushwick at 54 Noll Street (Credit: Google Maps, iStock)

A major Bronx landlord is shorting All Year’s bonds. Are his concerns legit?

CrowdStreet CEO Tore Steen (Credit: iStock)

CrowdStreet hits $1B milestone, crowdfunding firm claims

Greystar CEO Bob Faith and the Parkside Place Apartments in Cary, North Carolina (Credit: Greystar and Apartments)

What Greystar’s belief in multifamily says about the health of the economy

Rupert Murdoch and David Doctorow (Credit: Getty Images, iStock)

News Corp. looks to Opcity lead-generation to boost real estate services biz

Clockwise from the bottom left: The Eugene (435 West 31st Street), the Hudson Yards observation deck condominium and 555 Tenth Avenue (Credit: Google Maps)

West Side story: Manhattan’s largest January real estate loans

Selina Hotel at 516- 518 West 27th Street and Adam Neumann (Credit: Google Maps, Getty Images)

Lender moves to foreclose on site of NYC hotel linked to Adam Neumann, Mexican magnate

arrow_forward_ios
Loading...