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Joe Chetrit’s genuine real estate corporation has had no trouble locating the investment for the massive apartment allocation that is making plans for the former Mary Immaculate Hospital in Jamaica, Queens.
Chetrit Group obtained a $225 million CMBS loan from Starwood Capital and BMO to refinance its 481-unit multifamily complex known as Parkhill City, according to a source close to the deal. Capital in 2019.
Prior to this refinancing, the company obtained $127. 5 million in structural financing for the 2016 cession of Bank OZK and Arbor Commercial Mortgage.
The site, just north of Rufus King Park, offers more than 415,000 feet of buildable land. Chetrit acquired it in 2009 for approximately $4. 8 million.
In addition to the $225 million CMBS loan, Chetrit received a $40 million structure loan from G4 Capital to build a 107-unit structure at 88 153rd Street, the source said, which would be the fifth apartment in the former hospital.
Jason Behfarin, co-chief executive of Roslyn, New York-based G4 Capital, said everything in the tower will be subject to profit restrictions.
“We are excited to provide funding to a recurring sponsor to provide much-needed housing for New York City,” said Behfarin, who worked on the deal with Robyn Sorid, co-director of G4 Capital.
Both deals were negotiated through Henry Bodek of Galaxy Capital Group.
Chetrit is part of a number of developers developing Jamaica, Queens. Last year, BRP Companies submitted plans for a 12-story mixed-use construction at 90-02 168th Street.
Chetrit has been busy lately. In April, the company sold a multifamily portfolio of approximately 5,500 sets in Florida, Indiana, Kentucky, Ohio and Pennsylvania for $390 million.
Chetrit, Starwood and BMO returned requests for comment.
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