G4 funds $230M loan to recap Chetrit, Bistricer condo

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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.

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