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Chetrit and Read Property Group land Refi for 85 Flatbush Avenue Extension

Mack Real Estate provided the debt

85 Flatbush Avenue Extension (Credit: Tectonic)

The Chetrit Group and Read Property Group have secured $82.5 million from Mack Real Estate to refinance their mixed-use property at 85 Flatbush Avenue Extension, according to CO.

Loan Details: The loan refinances and replaces around $40 million in construction financing from TD Bank. Mack also provided a $19.5 million, three-year, floating-rate bridge loan. The deal has a 60 percent LTV ratio.

Worth Noting: The mixed-use property spans 126,000 SF and contains a 174-key boutique hotel on the first six floors and 64 residential units from floors seven through 12.

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