Chetrit, Bistricer’s Gramercy Square condo lands $207M loan

New financing recapitalizes the 223-unit project

New York /
Dec.December 04, 2020 01:47 PM

Clockwise from top: David Bistricer of Clipper Equity, Joseph Chetrit a rendering of the Gramercy Square condominium and Robyn Sorid of G4 Capital Partners (Photos via Clipper Equity, Getty, VUW, G4)

Clockwise from top: David Bistricer of Clipper Equity, Joseph Chetrit a rendering of the Gramercy Square condominium and Robyn Sorid of G4 Capital Partners (Photos via Clipper Equity, Getty, VUW, G4)


Joseph Chetrit and David Bistricer’s Clipper Equity have secured $207.5 million in fresh financing for their Gramercy Square condominium.

G4 Capital Partners provided the debt, which recapitalizes the 223-unit project, according to sources.

The deal comes after U.K.-based billionaires, the Reuben brothers, bought a $100 million piece of the existing debt on the building at a discount in May. SL Green Realty had originally provided a $380 million debt package in 2018.

G4’s managing partners Robyn Sorid and Jason Behfarin led the deal but declined to comment. Galaxy Capital Solutions brokered the deal.

The four-building project is a conversion of the former Cabrini Medical Center. Chetrit and Bistricer bought the parcel in 2013 for $150 million.

The condo plan was declared effective in 2018 with 40 units, or 18 percent of the project, under contract, according to the New York Attorney General’s office. The project’s targeted sellout is $834 million. Douglas Elliman is handling marketing and sales.

Clipper and Chetrit did not immediately respond to requests for comment.





    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
    Closing time: HFZ vacates the XI sales gallery in Chelsea
    Closing time: HFZ vacates the XI sales gallery in Chelsea
    Closing time: HFZ vacates the XI sales gallery in Chelsea
    26 Bank Street and Connie Milstein (Google Maps)
    Connie Milstein’s $20M West Village townhouse tops Manhattan contracts
    Connie Milstein’s $20M West Village townhouse tops Manhattan contracts
    Slate Property Group's Martin Nussbaum and a rendering of the project
    Hakimian, Certes land $59M loan for East Harlem multifamily project
    Hakimian, Certes land $59M loan for East Harlem multifamily project
    From left: 909 Third Avenue, 79 Fifth Avenue, 240 West 37th Street and 27 East 62nd Street (VNO, Cercone Exterior Restoration, Google Maps)
    These were the largest Manhattan real estate loans in April
    These were the largest Manhattan real estate loans in April
    150 East 78th Street and 30 Park Place (150east78th, Thirty Park Place)
    More Manhattan luxury contracts have been signed in 2021 than in all of 2020
    More Manhattan luxury contracts have been signed in 2021 than in all of 2020
    C-PACE gives landlords and developers cheap financing in exchange for making energy efficient improvements. (Getty)
    Landlords can now retroactively tap financing tool for energy improvements
    Landlords can now retroactively tap financing tool for energy improvements
    arrow_forward_ios

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

    Loading...