Chetrit Group’s Tribeca luxury condo project recently received $ 90.75 million in inventory loans.
Axos Bank has granted a first mortgage of $ 49.25 million for 49 Chambers Street. Silverstein Capital Partners, the lending arm of developer Silverstein Properties, issued a $ 41.5 million mezzanine loan for 51 unsold units in the 97-unit condominium development, people familiar with the deal told The Real Deal. . Both loans have a term of four years.
The loan proceeds were used to repay part of the property’s existing loans, which were issued by SL Green Realty in early 2019 and later sold to Silverstein, sources said.
Built in 1912, the 15-story Beaux-Arts building was once the Industrial Savings Bank for Emigrants. Chetrit bought the city’s Beaux-Arts building in 2013 for $ 89 million and began converting it into condos in 2016, with an expected sale of $ 334 million.
Sales of its condos were launched in 2017, but struggled in the context of the general slowdown in the luxury market. In November 2018, The Real Deal reported that the developer was offering buyers agents 50 percent of their commission upon signing the contract.
About two years ago, SL Green provided the developer with a Loan of $ 204 million on the property to withdraw $ 194 million in construction financing, which was issued by SL Green and Acore Capital in 2016, according to Commercial Observer.
Chetrit and Axos Bank did not respond to requests for comment for the article. Silverstein declined to comment.