Chetrit, Stellar land $365M refi for UWS luxury apartment complex

Citigroup, BMO Capital Markets and Starwood Property Trust provided loan

The Chetrit Group's Joseph Chetrit and Park West Village on the Upper West Side (Getty Images, Google Maps)
The Chetrit Group's Joseph Chetrit and Park West Village on the Upper West Side (Getty Images, Google Maps)

The Chetrit Group and Stellar Management picked up another huge loan for one of their luxury multifamily properties — this time on the Upper West Side.

The development partners secured a $365 million refinancing for their 773,300-square-foot, 850-unit Park West Village complex at 784, 788 and 792 Columbus Avenue, the Commercial Observer reported.

The CMBS loan was provided by Citigroup, BMO Capital Markets and Starwood Property Trust. The deal, which was finalized last Wednesday, was brokered by Galaxy Capital’s Henry Bodek.

Chetrit and Stellar together have locked up almost $1.1 billion in refinancing in the last three months for luxury apartment buildings in Manhattan.

Citigroup, BMO, Starwood and MF1 Capital provided a $714 million CMBS loan in May for the tandem’s Yorkshire Towers at 305 East 86th Street and Lexington Towers at 160 East 88th Street on the Upper East Side. The transaction, brokered as well by Bodek, replaced a $550 million loan from Natixis UBS in 2017.

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Chetrit, led by Joseph Chetrit, is among the most active developers in Manhattan. The group focused on investing in New York City’s outer boroughs in the 1980s and 1990s before buying and selling larger, higher-profile properties in Manhattan including 450 West 33rd Street, the International Toy Center at 200 Fifth Avenue, and 1107 Broadway.

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The developer recently snagged a $185 million construction loan from Mack Real Estate Credit Strategies to renovate the 570-key Hotel Carter at 250 West 43rd Street. The funding, which was arranged by Surya Capital Partners’ Adi Chugh, will be used to complete a gut renovation and turn the Times Square property into a modern hotel. The refi replaced a $152 million bridge loan from JPMorgan in 2018.

Chetrit closed in April on the $78 million purchase of a Two Bridges development site at 260 South Street on the Lower East Side from CIM Group and L+M Development Partners. The developer is eyeing a 1,300-unit complex with 64- and 70-story towers.

— Pat Ralph