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
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

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

Greystar CEO Bob Faith and the Parkside Place Apartments in Cary, North Carolina (Credit: Greystar and Apartments)

What Greystar’s belief in multifamily says about the health of the economy

G4 Capital Partners' Robyn Sorid and Jason Behfarin with 200-206 Kent Avenue in Williamsburg (Credit: G4, LoopNet)G4 Capital Partners' Robyn Sorid and Jason Behfarin with 200-206 Kent Avenue in Williamsburg (Credit: G4, LoopNet)

Hager family lands $84M loan for Williamsburg project

34 Union Avenue in Brooklyn (Credit: Google Maps)

Rabsky Group planning another Williamsburg mixed-use project

185 S. Fourth St. and Largo co-founder Nicholas Werner (Credit: Google Maps)

Largo buys another Williamsburg rental building for $32M

106 Prospect Place and 488 13th Street in Brooklyn (Credit: Google Maps)

Park Slope townhouse was Brooklyn’s priciest contract last week

Rupert Murdoch and David Doctorow (Credit: Getty Images, iStock)

News Corp. looks to Opcity lead-generation to boost real estate services biz

arrow_forward_ios
Loading...