Michael Chetrit Of Chetrit Organization Secures $151.5 Million Loan Extension For 65 Broadway

The asset involved in this transaction is 65 Broadway, an office property located in the Financial District of Manhattan. The landlord is Michael Chetrit, associated with the Chetrit Organization. The loan amount secured is $151,500,000, with a loan term of a three-year extension.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $151,500,000
• Landlord: Michael Chetrit - Chetrit Organization
• Broker Representatives: Kevin Thompson & Will Forbes - Iron Hound Management Company
• Market: Financial District, Manhattan
• Loan Terms: Three-year extension

The restructuring of the loan was negotiated by Iron Hound with CW Capital after nearly two years of discussions due to declining occupancy and revenue at the property. The Chetrit Organization addressed the loan situation by injecting additional equity and agreeing to subordinate part of the debt.