Chetrit Group borrows $148M from Square Mile Capital for property in Queens

Chetrit Group through the entity 88th Avenue Owner LLC as borrower signed a loan agreement with lender Square Mile Capital through the entity SM Finance II LLC valued at $148.0 million for 2 parcels, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) and containing 482 residential units at 152-13 88th Avenue in Queens. The deal closed on November 22, 2019 and was recorded on December 4, 2019.

The average loan per unit is $307,054.
The new financing replaces $87 million provided by Bank OZK in December 2016.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link