An $85M pre-development loan that Chetrit Group secured for a property on West 37th Street that is part of the Hudson Yards mega-development has been put on the market by the lender, who has declared Chetrit in default.
Chetrit acquired the financial package, which originally included a $54M senior loan and a $31M mezzanine loan, for 545 West 37th Street from JPMorgan Chase and Mack Real Estate Credit Strategies in 2018.
Mack, who subsequently took ownership of both loans, has declared Chetrit in default and is shopping the financial package as "a one-of-kind opportunity [to acquire] a direct and quick path to ownership" of the Hudson Yards property via a UCC foreclosure.
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