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.


Related Articles

arrow_forward_ios

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

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Real estate firms get (green) thumbs down as they jump into climate bonds

arrow_forward_ios