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Chetrit sews up $152M loan for Hotel Carter in Times Square
JPMorgan provided the bridge financing
![Meyer Chetrit and 250 West 43rd Street](https://static.therealdeal.com/wp-content/uploads/2018/02/Meyer-Chetrit-250-West-43rd-Street-2.jpg)
The Chetrit Group has locked down financing for its Hotel Carter property in Times Square, sources told The Real Deal. JPMorgan Chase provided a $152 million bridge loan, that is expected to be upgraded to a construction loan in the $200 million range, sources said.
The developer, led by Joseph and Meyer Chetrit, paid $192 million for the 600-key hotel at 250 West 43rd Street in 2014, and scored a $129 million acquisition loan from Apollo subsidiary Athene Annuity and Life Company in early 2015. The Chetrit Group purchased the property from the estate of Tran Dinh Truong, a controversial Vietnamese emigre. At the time, experts said the hotel would need at least $125 million worth of safety and infrastructure upgrades.
Maverick Commercial Properties’ Adi Chugh brokered the JPMorgan financing, which closed Monday. He was unavailable for comment. JPMorgan declined to comment.
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Adi Chugh
The bank has ramped up its commercial real estate lending activity in New York in recent months. It was the lead lender in a consortium that provided a $900 million loan to Extell Development for the construction of Central Park Tower. It also agreed to loan $850 million to Macklowe Properties for the residential conversion of One Wall Street. JPMorgan overtook Deutsche Bank as the top CMBS issuer in the country in 2016, underwriting $12 billion worth of loans, according to Commercial Mortgage Alert.
The Chetrit Group, in partnership with Keith Rubenstein’s Somerset Properties, is still in the market for a construction loan of up to $500 million for a 1,300-unit rental complex in Mott Haven. It is said to be the largest financing being sought for a private development project in the Bronx.
And in other news on the Times Square hotels front, a partnership led by Steve Witkoff just sold its interest in the Times Square Marriott Edition to a joint venture between Maefield Development and Fortress Investment Group, in a deal valuing the property at $1.53 billion. Witkoff and his partners will continue to develop the hotel on behalf of Maefield and Fortress, sources told TRD.