Chetrit Group and Stellar Management have earned $ 714 million to refinance two luxury buildings on the Upper East Side.
According to sources familiar with the transaction, developers from a collection of creditors such as Citigroup, BMO Harris Bank and Starwood have CMBS loans for Yorkshire Towers at 305 East 86th Avenue and Lexington Towers 160th East 88th Avenue. Was secured.
Financing $ 550 million loan Provided by Natixis and UBS in 2017. That money replaced a $ 425 million loan from Deutsche Bank.
Chetrit and Stellar were mostly purchased in 2014. $ 500 million From the real estate of Irving Schneider, a business partner of Harry Helmsley, one of New York’s largest commercial real estate owners. Schneider purchased the building with Helmsley in 1964.
Built in 1964, Yorkshire Towers is 21 stories high and has 695 apartments. Lexington Towers is a 15-story building with 137 units. The building also has a total of 81,300 square feet of retail space.
Henry Bodek of Galaxy Capital mediated the transaction.
CoStar previously reported that Chetrit and Stellar are approaching refinancing.
The deal is in many large commercial refinancings in New York City in recent months, as developers were in a hurry to fix prices before the Federal Reserve pushed up borrowing costs.
The OKO group of Vladislavdronin will be completed soon Refinancing $ 820 million From JP Morgan for Aman branded condo and hotel projects on 730 Fifth Avenue. April, Silverstein Properties Refinancing $ 458 million 7 at the World Trade Center.
Headed by Joseph Chetrit, Chetrit is one of the most active developers in Manhattan. The group focused on investing in the suburbs of New York City in the 1980s and 1990s. After that, I bought and sold larger and more prominent properties in Manhattan, such as 450 West 33rd Street, 200Fifth Avenue International Toy Center, and 1107 Broadway.
Chetrit recently Two Bridges development site 260 South Street from CIM Group and L + M Development Partners.
The company is also expanding into Miami.The company secured $ 310 Million Construction Loan For the $ 1 billion multipurpose development planned on the Miami River.