Chetrit Group borrows $112M from Cantor Commercial Real Estate Lending for hotel property in Brooklyn Heights

Chetrit Group through the entity 98 Montague LLC as borrower signed a loan agreement with lender Cantor Commercial Real Estate Lending valued at $112.0 million for 1 parcel, including the tax class miscellaneous (H9) at 98 Montague Street in Brooklyn Heights. The deal closed on November 26, 2019 and was recorded on November 29, 2019.
The property contains a total of 187,200 square feet of built space.
The average loan per buildable square foot is $598.
The last time the property sold was November 2, 2012, for $81,000,000. 
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 284 hotel units on August 7, 2019.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $7,700,000. Those filings sought to increase the number of units by 61 to 284 There was one renovation/alteration project (A2) applied for with a total estimated value of $2,393,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link