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

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
From left: Trinity Investments CEO Sean Hehir and Benchmark Real Estate Group principals Aaron Feldman and Jordan Vogel (iStock, LinkedIn, Trinity Investments)

“Blank-check” companies make a comeback in real estate

“Blank-check” companies make a comeback in real estate
Starwood Capital Group CEO Barry Sternlicht (Getty)

Starwood eyes $11B raise for real estate, distressed bets

Starwood eyes $11B raise for real estate, distressed bets
NY Community Bank president Joseph Ficalora

NYC’s biggest multifamily lender says rent collections are holding steady

NYC’s biggest multifamily lender says rent collections are holding steady
Maefield Development’s Mark Siffin and 20 Times Square (Google Maps, iStock)

TRD Insights: Untangling Times Square Edition’s “Gordian Knot” of debt claims

TRD Insights: Untangling Times Square Edition’s “Gordian Knot” of debt claims
One Court Square and SL Green CEO Marc Holliday

SL Green puts One Court Square loan up for sale

SL Green puts One Court Square loan up for sale
Starwood Property Trust CEO Barry Sternlicht (Getty)

Starwood Property Trust looks to offload $2B loan portfolio

Starwood Property Trust looks to offload $2B loan portfolio
arrow_forward_ios

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

Loading...