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