Chetrit Group lands $204M to refinance 49 Chambers Street condo conversion

It’s the second major SL Green investment in the Tribeca building

49 Chambers Street, SL Green's Marc Holliday, and Chetrit Group's Joseph Chetrit (Credit: CityRealty, SL Green, and Getty Images)
49 Chambers Street, SL Green's Marc Holliday, and Chetrit Group's Joseph Chetrit (Credit: CityRealty, SL Green, and Getty Images)

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.

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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