The Chetrit Group has secured a $112.7 million loan from Cantor Commercial Real Estate Lending to refinance its project at 98 Montague Street in Brooklyn Heights. The 14-story landmarked building, known as Hotel Bossert, is expected to open in the coming months. It spans 187,200 square feet, and contains 284 hotel rooms.
- Worth Noting: Joseph Chetrit’s Chetrit Group and David Bistricer’s Clipper Equity paid $81 million for the property in 2012. The duo have long planned to open a boutique hotel at the property, which was previously owned and occupied by the Jehovah’s Witnesses since 1988.
- Dig Deeper: Plans were repeatedly delayed, but the hotel seems primed to finally open after successfully securing its liquor license and finding an operator. Earlier this year, Chetrit bought out Clipper and now has sole ownership of the redevelopment.
- Financing details: The new loan replaces a $60 million acquisition loan provided by New York Community Bank in 2012, and $25 million in construction debt supplied by the same lender in 2015. It also includes a $27.7 million gap mortgage, according to the city’s property records.