Chetrit Group doubles Maspeth warehouse debt to $40M with loan from Maxim Credit

Chetrit Group through the entity Maspeth 5718 LLC as borrower signed a loan agreement with lender Maxim Credit Group valued at $40 million for 4 parcels, including the tax class miscellaneous warehouse (E9) at 57-46 56th Street and 59th Place in Maspeth. The deal closed on May 28, 2020 and was recorded on June 17, 2020.
The property contains a total of 588,390 square feet of built space. The property has 599,390 square feet of available development rights.
The average loan per buildable square foot is $67.
Chetrit Group doubled the debt on the properties. The financing included a $20 million gap loan. The prior debt was provided by SL Green Realty.

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