Chetrit Group lands $133M refi for Williamsburg resi, hotel project

500 Metropolitan Avenue was built during a trend of Manhattan-based developers seeking large, cheap land

New York /
Jun.June 04, 2019 02:45 PM
Joseph Chetrit and 500 Metropolitan Avenue

Joseph Chetrit and 500 Metropolitan Avenue

Chetrit Group has received a $133 million refinancing package for its development at 500 Metropolitan Avenue in Williamsburg, according to sources familiar with the deal.

The money comes from the Korean firm Hangang Asset Management. Galaxy Capital Group’s Henry Bodek brokered the deal.

Chetrit’s 500 Metropolitan Avenue development stands 14 stories tall and has a 187-key hotel and 42 residential units. The project was built in 2018, according to StreetEasy, and was one of many supersized rental projects from Manhattan-based developers attracted to Brooklyn’s large and cheaper land.

Chetrit did not respond to a request for comment.

This is at least the second major refinancing Chetrit has landed in less than two months. In April, the company received $152 million from CCRE for 65 Broadway, also known as the American Express building. Back in December 2018, the company also received $85 million in refinancing for its mixed-use project at 545 West 37th Street from JPMorgan Chase and Mack Real Estate.


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

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

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
One Madison Avenue and Marc Holliday (Photos via SL Green)

SL Green snags $1.25B construction loan for One Madison Avenue

SL Green snags $1.25B construction loan for One Madison Avenue
11 Penn Plaza and 120 Wall Street (VNO, Wikipedia Commons)

Manhattan’s top real estate loans post second best month since March

Manhattan’s top real estate loans post second best month since March
Square Mile Capital CEO Craig Solomon and The Real Deal's Hiten Samtani

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack
OneTitle's Seth Brown (iStock)

OneTitle set out to change the title industry. Now it’s out of business

OneTitle set out to change the title industry. Now it’s out of business
The Scribner Building at at 597 Fifth Avenue and Joe Sitt of Thor Equities (Wikipedia Commons)

Thor delinquent on $105M loan at 597 Fifth

Thor delinquent on $105M loan at 597 Fifth
Pension fund investors are seeking to take cash out of real estate funds as property values fall, like at Water Tower Place in Chicago (Photo via iStock; Wikipedia Commons)

Core real estate funds delay investors from cashing out

Core real estate funds delay investors from cashing out
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...