Chetrit nabs $200M refi for huge Jamaica project

Funding for project on hospital site comes from Square Mile Capital

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.

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