Clipper Equity, Chetrit Group refi inventory loan from G4, along with Axos Bank and Emerald Creek

Clipper Equity and the Chetrit Group as the developers of The Tower at Gramercy Square, at 215 East 19th Street, refinanced a condo inventory loan totaling at least $207.5 million, through G4 Capital. G4 in turn borrowed $147 million from Axos Bank and obtained a $40 million senior participation interest from Emerald Creek Capital, according to documents filed with city property records. The various records as filed provided differing loan totals, including $207.5 million, $232.5 million and $237 million.

Clipper and Chetrit through the entity Cabgram Development LLC as borrower signed a loan agreement with lender G4 Capital’s G4 18208 LLC valued at $232.5 million for 122 parcels, including the tax class high-rise condominium apartment/elevated, residential unit (R4) and containing 122 residential units at 215 East 19th Street in Gramercy. The deal closed on December 2, 2020 and was recorded on January 6, 2021.

This is a condo inventory loan. The secured loan has a senior participating lender, Emerald Creek Capital with Mark Penna as signatory. The $207.5 million of debt was collaterally assigned to Axos Bank which provided a loan to G4 Capital of $147 million.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $32,000.

Direct link to Acris document. link