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Chetrit Group lands $112M refi for Hotel Bossert project
Money for 98 Montague Street comes from Cantor Commercial Real Estate Lending
The Chetrit Group has inked a major refinancing for the site of the Hotel Bossert, the long-delayed project that may finally open in the coming months.
The firm landed a $112 million refinanced loan for 98 Montague Street in Downtown Brooklyn from Cantor Commercial Real Estate Lending, according to property records. The funding includes a $27.7 million gap mortgage.
CCRE declined to comment, and representatives for Chetrit did not respond to a request for comment.
A Meridian Capital Group team of Drew Anderman, Alan Blank and Ben Nevid brokered the deal.
The new debt replaces $85 million that New York Community Bank lent Chetrit – a $60 million acquisition loan from 2012 and a $25 million construction loan from 2015.
Joseph Chetrit and David Bistricer purchased the 14-story property from the Jehovah’s Witnesses in 2013 and have been planning to reopen the storied hotel for years. However, their efforts have faced several major delays, and Chetrit bought out Bistricer’s interest in the project earlier this year.
The hotel, which was initially slated to open in 2014, is nearing completion, according to sources familiar with the deal.
The Chetrit Group also just landed $200 million in construction refinancing for its planned multifamily redevelopment at Jamaica’s Mary Immaculate Hospital site in November. It purchased a portfolio of more than 10,000 rental apartments across the country earlier this year with a $481 million loan from JPMorgan Chase as well.