Chetrit Group refis retail in City Hall condo project with $16M from Dime Community

The Chetrit Group through the entity 49-51 Chambers Retail LLC as borrower signed a loan agreement with lender Dime Community Bank valued at $16.0 million for 1 parcel, including the tax class retail condominium (RK) at 49-51 Chambers Street in City Hall. The deal closed on December 10, 2020 and was recorded on December 24, 2020.
The property contains a total of 32,355 square feet of built space.
The average loan per buildable square foot is $495.
This transaction is simultaneous with the zero-dollar transfer of the retail from the condo project’s sponsor entity to a special purpose retail owner entity. Meyer Chetrit was the signatory for the borrower.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 99 residential units on September 17, 2020.

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