Chetrit, Clipper Equity & Read Property Group Refinances Construction Loan For Gramercy Square With Lender SL Green And Broker Ironhound Management
FINANCED
$380,000,000
New York
See Similar DealsFinanced 11/29/2020
FINANCED
Chetrit, Clipper Equity & Read Property Group Refinances Construction Loan For Gramercy Square With Lender SL Green And Broker Ironhound Management
224 E 20th St, New York, NY 10003, USA
See Similar DealsFinanced 11/29/2020
Summary
NEW YORK
Transaction Type:Loan
The developers at Gramercy Square have recently refinanced their construction loan for the residential condominium project located at 224-228 East 20th Street, also known as Gramercy Square. The project is being developed by Chetrit Group, Clipper Equity, and Read Property Group.
Summary of transaction details
- Property Type: Residential Condominium
- Transaction Amount: $380,000,000
- Developer/Landlord: Chetrit Group, Clipper Equity & Read Property Group
- Lender: SL Green
- Broker: Ironhound Management
- Asset Type: Residential Condominium
The refinancing deal was facilitated by SL Green, a prominent lender in the real estate industry. Ironhound Management served as the broker for the transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$380,000,000.00
Monthly NOI$2,533,333.33
Monthly Debt Service$2,401,858.49
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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