Chetrit Group signs $40M construction loan with G4 Capital for affordable in Jamaica

The Chetrit Group through the entity 88-20 Owner LLC as borrower signed a new construction loan with lender G4 Capital Partners through the entity G4 18208, LLC valued at $40 million for a 207-unit affordable project at 88-20 153rd Street in Jamaica, Queens.
The deal closed on June 29, 2021 and was recorded on July 30, 2021.

The owner bought the property on 2-Dec-09, for $4.8 million.
The signatory for the Chetrit Group was Michael Chetrit.
(420652582)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 481 residential units on October 11, 2019. (420666862) Plans for a 207-unit, 132,772 square-foot R-2 were filed on January 22, 2020, The Real Deal reported at the time.
This is to finance a 207-unit, 100 percent affordable project for seniors. This is on a parcel of land the Chetrit Group as landlord through signatory Meyer Chetrit leased to another Chetrit Group entity as tenant through signatory Michael Chetrit for 48 years. The Chetrit Group plans to build affordable senior housing on the site, according to a regulatory agreement it signed with the City of New York.
The owners according to the Department of Housing Preservation and Development includes Meyer Chetrit, head officer and Jacob Bernat, agent. The business entities are Plaza Management Usa and 150-13 89th Llc.
Within a 400-foot radius of 88-20 153rd Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on April 10, 2021 for a 18,464-square-foot R-2 building with 21 residential units at 87-85 153rd Street.
Of those five items, three were loans above $5 million totaling $59.7 million. The most recent of the three was Zara Realty which borrowed $27.0 million from Arbor Realty Sr, Inc. secured by the 104,377-square-foot, 96-unit rental (D9) on 88-25 153rd Street on March 12, 2021.

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