Chetrit Group ups debt to $50M from Maxim Credit for property in Maspeth

The Chetrit Group through the entity Maspeth 5718 LLC as borrower signed a loan agreement with lender Maxim Credit Group, LLC valued at $50.0 million for 4 parcels, including the tax class miscellaneous warehouse (E9) at 57-46 56th Street, 59 Place, 59 Place, 59 Place in Maspeth. The deal closed on September 16, 2020 and was recorded on October 2, 2020.
The property contains a total of 588,390 square feet of built space. The property has 599,390 square feet of available development rights.
The average loan per buildable square foot is $83.
Maxim Credit increased the debt by $10 million through a gap loan.

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