Chetrit Group Lands $172M in Financing for Florida Condo Projects
Chetrit Group has locked down not one but two financings for its Florida projects, Commercial Observer has learned.
First, the firm closed a $94 million construction loan for its new condominium building in Pompano Beach, Fla. Madison Realty Capital (MRC) provided the loan.
Located at 2635 North Riverside Drive in Hillsboro Shores, the 513,929-square-foot project will feature 121 units, 250 parking spaces and 20 marina slips.
Chetrit Group also secured $78 million from MRC to acquire Hollywood Beach Resort in Hollywood, Fla., at 101 North Ocean Drive. The property is a 371,240-square-foot condo project. Chetrit Group recently bought 33 percent of the resort’s apartments.
Henry Bodek from Galaxy Capital negotiated both deals on behalf of Chetrit Group.
Chetrit Group and MRC did not immediately respond to requests for comment.
Emily Fu can be reached at efu@commercialobserver.com.
