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Chetrit Organization Refinances Midtown East Office Building With $350M Loan From HPS Investment Partners

850 Third Avenue
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This Office property located in NY received a loan of $350,000,000 over 2 years ago. The brokers of the deal were Frank Meli and Robert Verrone

The property involved in this transaction is an office located at 850 Third Avenue in Midtown East. The office space spans approximately 608,000 square feet.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $350,000,000
  • Address: 850 Third Avenue
  • Market: Midtown East
  • Lender: HPS Investment Partners - Joseph Tansey & Patrick Crosetto
  • Landlord: Chetrit Organization - Michael Chetrit
  • Broker: Iron Hound Management - Robert Verrone & Frank Meli
  • Loan Type: Refinance
  • Loan Terms: $320,000,000 of initial funding with a $30,000,000 future funding facility

Robert Verrone and Michael Chetrit are depicted in the accompanying image. The loan for this transaction was provided by HPS Investment Partners, represented by Joseph Tansey and Patrick Crosetto. The Chetrit Organization, led by Michael Chetrit, serves as the landlord. The deal was facilitated by Iron Hound Management, with Robert Verrone and Frank Meli representing the brokerage.

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Deals
  • Location
    850 Third Avenue, Manhattan, New York, NY, USA850 Third Avenue, Manhattan, New York, NY, USA
  • Loan Value
    $350,000,000$350,000,000
  • Asset Type
    OfficeOffice
  • Parties
    2 Brokers, 1 Agency, 1 Lender2 Brokers, 1 Agency, 1 Lender

Agents

Robert Verrone

Robert Verrone

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Financed$2.2B

Agency

Iron Hound Management Company

Iron Hound Management Company

Agency
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Volume$4.5B

HPS Investment Partners

HPS Investment Partners

Lender
Deals2
Volume$ 6.9B

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Deal Summary

LOAN IMAGE: Robert Verrone & Michael Chetrit DATE: 09/30/2021 ADDRESS: 850 Third Avenue MARKET: Midtown East ASSET TYPE: Office ~ SF: 608,000 LENDER: HPS Investment Partners - Joseph Tansey & Patrick Crosetto LANDLORD: Chetrit Organization - Michael Chetrit BROKER: Iron Hound Management - Robert Verrone & Frank Meli LOAN AMOUNT: $350,000,000 LOAN TYPE: Refinance LOAN TERMS: $320,000,000 of initial funding with a $30,000,000 future funding facility.

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850 Third Avenue

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