An influential growth household has scored a refinancing in Queens.
The Chetrit Group secured an $80 million refinancing mortgage on a warehouse at 57-18 Flushing Avenue in Maspeth, Queens, in keeping with sources conversant in the deal. Maxim Capital Group and SL Inexperienced offered the financing in a three-year deal.
Iron Hound organized the transaction.
The refinancing is sweet information for the Chetrit household, which has been working to settle scores with lenders over defaults and authorized judgments.
The property comprises 5 buildings throughout greater than 588,000 sq. toes, in keeping with metropolis tax data.
The warehouse was final mortgaged in 2021 with UBS Financial institution, in keeping with metropolis data. The Chetrits additionally received a $50 million mortgage on the property from Maxim in 2020.
An entity related to the Chetrit Group purchased the property in 1994, in keeping with metropolis data, though the acquisition worth is unclear.
Different corporations past the Chetrit Group have an curiosity within the property. Meyer Chetrit has been ordered to pay a $132 million judgment to Maverick Actual Property Companions. Late final yr, a metropolis marshal garnished Meyer’s pursuits in a number of LLCs to repay that judgment, selling them at auction to Maverick.
One of many LLCs, known as 5718 Maspeth Associates, had oblique ties to the warehouse property, and Maverick will obtain any payouts from the property that will have initially gone to Meyer Chetrit.
The Chetrit Group principals have additionally been battling lenders over 26 Broadway, a 29-story, Class A workplace tower that was transferred to special servicing final month, in keeping with Morningstar.
At 500 and 512 Seventh Avenue, the Chetrit Group had partnered with Edward Minskoff and Joseph Moinian. However in July, a lender accused the borrower of “intentional self-dealing,” transferring about $1 million of tenant safety deposits to exterior accounts, with about $300,000 transferred to accounts related to different Chetrit tasks or associates. That case is ongoing.
On prime of lender troubles, Meyer and Joseph Chetrit are additionally dealing with charges of tenant harassment from the workplace of Manhattan District Lawyer Alvin Bragg.
Keith Larsen contributed reporting.
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