Joseph Chetrit and David Bistricer’s Clipper Equity have secured $232.5 million in loans to refinance their Gramercy Square condo development.
Cole Schotz team advised G4 Capital on the senior loan to recapitalize the four-building, 223-unit project at 230 East 20th Street.
The developers are converting the former Cabrini Medical Center facility into a luxury residential property featuring four buildings—The Tower, The Boutique, The Prewar, and The Modern—interconnected by garden spaces by M. Paul Friedberg & Partners and an amenities club designed by La Palestra.
Conceived and designed by architects Woods Bagot, Gramercy Square offers studio to four-bedroom layouts, from garden homes to penthouses at prices ranging from just over $1 million to just shy of $10 million.
A Cole Schotz team advised G4 Capital. The Cole Schotz team included members Leo Leyva, Rab Nalavala and Danielle Pasquariello, and associates Jennifer Chung, Drew Barone and Nicole Dlugosz. The G4 Capital team included co-founders Robyn Sorid and Jason Behfarin, along with managing director Robert Palumbo.
Chetrit and Bistricer bought former hospital site in 2013 for $150 million. According to TRD, Reuben brothers, bought a $100 million piece of the existing debt on the building at a discount in May. SL Green Realty had originally provided a $380 million debt package in 2018.