SL Green Realty just couldn’t get enough.
The real estate investment trust provided the Chetrit Group with a $204 million loan on a luxury Tribeca condo building, marking its second financing of the development.
The new debt retires a $194 million construction financing package SL Green and Acore Capital gave the developer for the construction of the 99-unit project in 2016, according to Commercial Observer.
The 15-story building at 49 Chambers Street, built in 1912, was formerly Emigrant Industrial Savings Bank. Cherit Group began converting the Beaux-Arts building into condos in 2016, with a projected sellout of $334 million.
The condo conversion has been caught in a luxury market downturn. In November, 2018, TRD reported that the Cherit Group was offering buyers’ agents 50 percent of their commission at the contract signing. [CO] — Decca Muldowney