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SL Green provides trio with refi for condo project

Rendering of 209-225 and 227 East 19th Street (Credit: Avoid Obvious)

Chetrit Group, Clipper Equity, and Read Property Group have secured $380 million from SL Green to refinance their Gramercy Square luxury condo project, according to the CO. The former hospital with an address of 228 East 20th Street is being converted into 223 apartments spread across four buildings. 

Financing Details: The loan replaces the construction financing package from 2015 that included a $280 million senior loan led by Natixis and $65 million in mezzanine debt from Apollo. The new loan package consists of a senior mortgage and mezzanine debt with a two-year term, and 2 one-year extension options.

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