Chetrit Group gets $66M gap loan in $225M refi with Starwood, Bank of Montreal in Jamaica

Chetrit Group through the entity 88th Avenue Owner LLC as borrower signed a loan with lender Starwood Mortgage Capital and Bank of Montreal valued at $225 million for three properties including the 482-unit rental (D1) at 152-13 88th Avenue in Jamaica, Queens, 57-unit rental (D1) at 152-09 88th Avenue in Jamaica, Queens, and development site (V0) at N/A 88th Avenue in Queens, Queens.
The deal closed on June 30, 2021 and was recorded on July 9, 2021.
The three properties have 597,057 square feet of built space and 0 square feet of additional air rights for a total buildable of 474,868 square feet according to PincusCo analysis of city data. The loan price per built square foot is $376 per the PincusCo analysis.
The signatory for Chetrit Group was Meyer Chetrit. The signatory for Starwood Mortgage Capital and Bank of Montreal was Grace Y. Chiang and Michael S. Birajiclian.

The Chetrit Group obtained a $66.3 million gap loan, on top of the existing debt AIG refinanced in 2020 totaling $148 million and $18 million provided by Banco Popular.

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