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

Michael Shvo with 711 5th Avenue (Credit: Getty Images, and Google Maps)

Michael Shvo seeking $600M to refinance Coca-Cola Building

Renderings of Brookfield's Bankside in the South Bronx (Credit: ArX Solutions)

This is what Brookfield’s South Bronx megaproject will look like

4650 Broadway (Credit: Google Maps)

Inwood site goes for twice what seller paid last year

WeWork co-CEOs Artie Minson and Sebastian Gunningham

WeWork under pressure as losses soar to $1.25B

195 Broadway and L&L Holding's David Levinson and Robert Lapidus (Credit: Google Maps and L&L Holding)

L&L, Safehold lock in $592M in financing for Downtown building

Tore Steen, CEO of CrowdStreet (Credit: iStock)

CrowdStreet lands $12M in financing, hires execs

arrow_forward_ios