Chetrit lands $90M inventory loans for Tribeca condo conversion

Loan proceeds were used to pay off existing debt

New York /
Dec.December 24, 2020 03:30 PM
Joseph Chetrit and  49 Chambers (Getty, 49 Chambers)

Joseph Chetrit and 49 Chambers (Getty, 49 Chambers)

 

Chetrit Group’s luxury Tribeca condo project recently received $90.75 million in inventory loans.

Axos Bank provided a $49.25 million senior mortgage for 49 Chambers Street. Silverstein Capital Partners, the lending arm of developer Silverstein Properties, issued a $41.5 million mezzanine loan for 51 unsold units in the 97-unit condo development, sources familiar with the deal told The Real Deal. Both loans have a four-year term.

The proceeds from the loan were used to pay off part of the property’s existing loans, which were issued by SL Green Realty in early 2019 and later sold to Silverstein, sources said.

Built in 1912, the 15-story Beaux Arts building was once the Emigrant Industrial Savings Bank. Chetrit bought the Beaux-Arts building from the city in 2013 for $89 million, and began converting it into condos in 2016, with a projected sellout of $334 million.

Sales for its condos launched in 2017, but have struggled amid the broader luxury market downturn. In November 2018, The Real Deal reported that the developer was offering buyers’ agents 50 percent of their commission at the contract signing.

About two years ago, SL Green provided the developer with a $204 million loan on the property to retire a $194 million construction financing package, which was issued by SL Green and Acore Capital in 2016, according to Commercial Observer.

Chetrit and Axos Bank did not respond to requests for comment for the article. Silverstein declined to comment.

 





    Related Articles

    arrow_forward_ios
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
    For 15 years, David Koch lived at the world’s “richest building”
    For 15 years, David Koch lived at the world’s “richest building”
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    Freshly CEO Michael Wystrach and 28 East 28th Street (Photos via Twitter; Google Maps)
    Freshly inks big lease in NoMad
    Freshly inks big lease in NoMad
    From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
    Former SL Green exec Isaac Zion joins Acram Group
    Former SL Green exec Isaac Zion joins Acram Group
    (Photo illustration by The Real Deal)
    Inside mall owner Namdar’s rapid growth story
    Inside mall owner Namdar’s rapid growth story
    15 Park Row (Google Maps)
    J&R Music founders sell Park Row apartment tower for $140M
    J&R Music founders sell Park Row apartment tower for $140M
    Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
    Brooks Brothers’ Madison Ave store could give way to Midtown East tower
    Brooks Brothers’ Madison Ave store could give way to Midtown East tower
    arrow_forward_ios

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

    Loading...