Chetrit Group refis $49.25M with Axos Bank for condo project in City Hall

The Chetrit Group through the entity 49-51 Chambers LLC as borrower signed a loan agreement with lender Axos Bank valued at $49.25 million that covers 52 condo units, including the tax class high-rise condominium apartment/elevated, residential unit (R4) and containing 52 residential units at 49-51 Chambers Street in City Hall. The deal closed on December 10, 2020 and was recorded on December 17, 2020. The average loan per unit is $767,082.
There remains additional debt on the building.

Silverstein Properties assigned the building loan, with an original principal value of $70 million but now $39.9 million, to Axos. Axos then added a $4.7 million new building loan and a $4.7 million new project loan for a total of $49.25 million.
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