Chetrit Group Scored A $225 Million CMBS Loan From Starwood Capital

Joe Chetrit’s real estate firm had no problem getting financing for the massive apartment project it plans for the former site of the Mary Immaculate Hospital in Jamaica, Queens.

Chetrit Group scored a $225 million CMBS loan from Starwood Capital and BMO to refinance its 481-unit multifamily complex known as Parkhill City.

The package will replace a $200 million refinancing loan provided by Square Mile Capital in 2019.

Before that refinancing, the company secured $127.5 million in construction financing for the project in 2016 from Bank OZK and Arbor Commercial Mortgage.

The site, just north of Rufus King Park, gives more than 415,000 buildable Sq Ft. Chetrit purchased it in 2009 for about $4.8 million.

In joining the $225 million CMBS loan, Chetrit achieved a $40 million construction loan from G4 Capital to build a 107-unit apartment building at 88 153rd Street.

Chetrit is among a growing number of developers targeting Jamaica, Queens. Last year, BRP Companies filed plans for a 12-story mixed-use building at 90-02 168th Street.

In April, the firm sold a nearly 5,500-unit multifamily portfolio in Florida, Indiana, Kentucky, Ohio and Pennsylvania for $390 million.

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