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

TRD 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.

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