Chetrit nabs $200M refi for huge Jamaica project

Funding for project on hospital site comes from Square Mile Capital

New York /
Nov.November 22, 2019 05:08 PM
Joseph Chetrit and a rendering of 150-13 89th Avenue (Credit: Getty Images)

Joseph Chetrit and a rendering of 150-13 89th Avenue (Credit: Getty Images)

UPDATED, 5:25 p.m. Nov. 26: The Chetrit Group has landed $200 million in construction refinancing for its planned multifamily redevelopment at Jamaica’s Mary Immaculate Hospital site, according to sources familiar with the deal.

The funding comes from Square Mile Capital in a deal that was brokered by Henry Bodek of Galaxy Capital Group. The project will be a four-building, 481-unit complex at 150-13 89th Avenue in Queens, and Hill West will design it.

Bodek declined to comment on the deal. Square Mile Capital and Chetrit did not respond to requests for comment.

The firm landed about $127.5 million in construction financing for the project in 2016 from Bank OZK and Arbor Commercial Mortgage. The site offers more than 415,000 buildable square feet. Chetrit acquired it in 2009 for about $4.8 million.

The Chetrit Group purchased a nationwide portfolio of more than 10,000 rental apartments earlier this year, financing the deal with a $481 million loan from JPMorgan Chase. The firm also landed $133 million in refinancing for 500 Metropolitan Avenue in Williamsburg and $152 million for 65 Broadway in Manhattan this year. Galaxy Capital brokered those deals as well.

This post has been updated to reflect the most recent number of residential units planned for the project.


Related Articles

arrow_forward_ios
89-01 165th Street in Jamaica (Google Maps)
Fruchthandlers buy Queens development site for $51M
Fruchthandlers buy Queens development site for $51M
Joseph Chetrit and 260 East 72nd Street (Getty Images, Google Maps)
Chetrit plans Upper East Side condo development
Chetrit plans Upper East Side condo development
From left: Amazon’s Andy Jassy and Innovo’s Andrew Chung along with a rendering of 2505 Bruckner Boulevard (Getty, Amazon, Innovo)
Amazon takes 568K sf at Innovo, Square Mile’s Bronx industrial complex
Amazon takes 568K sf at Innovo, Square Mile’s Bronx industrial complex
427 Broadway and Robert Frey (HGetty, THCNYC)
Former Vegas club owner bringing cannabis museum to SoHo
Former Vegas club owner bringing cannabis museum to SoHo
The Chetrit Group's Joseph Chetrit and Park West Village on the Upper West Side (Getty Images, Google Maps)
Chetrit, Stellar land $365M refi for UWS luxury apartment complex
Chetrit, Stellar land $365M refi for UWS luxury apartment complex
Joe Chetrit and the Hotel Carter Times Square at 250 West 43rd Street (Getty, Google Maps)
Chetrit gets $185M loan to renovate NYC’s formerly filthiest hotel
Chetrit gets $185M loan to renovate NYC’s formerly filthiest hotel
Isaac Chetrit with 989-993 Sixth Avenue
Isaac Chetrit nears $350M loan for Midtown project
Isaac Chetrit nears $350M loan for Midtown project
From left: Vorea Group’s Peter Papamichael, Turnbridge Equities’ Andrew Joblon and Chetrit Group’s Joseph Chetrit
Ranking New York’s most active developers
Ranking New York’s most active developers
arrow_forward_ios

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

Loading...