Chetrit Group Lands $55M Refi for NJ Mixed-Use Building
By Cathy Cunningham March 14, 2023 12:09 pmreprints
Chetrit Group has landed $55 million in financing for its mixed-use property in Fort Lee, N.J., Commercial Observer has learned.
Starwood Mortgage Capital provided the loan, while Galaxy Capital’s Henry Bodek negotiated the transaction.
The 290,000-square-foot building, at 2 Executive Drive, was completed last year and includes 84 newly developed, market-rate residential units atop 200,000 square feet of office space.
Chetrit Group filed plans for the development pre-COVID in April 2019, including 40 affordable units in the blueprint at the time. Today, the completed property includes multilevel garage parking and — in addition to a lounge and game room being part of the amenity package — houses a Retro Fitness gym.
The New York Times recently outlined the pull of Fort Lee for renters who desire proximity to Manhattan at a more affordable price, and the development and redevelopment activity that is currently underway to meet demand. While 25 percent of Fort Lee residents are over 65, the NYT reported, several developers are targeting a younger demographic, with top-rated public schools also on offer in the city.
Chetrit’s new building provides ease of access for commuters, sitting less than a mile from the George Washington Bridge and close to public transportation.
And the firm is in good company. In October 2022, Skylight Real Estate Partners and PCCP teamed up to purchase Hudson Lights, a 276-unit Class A building in Fort Lee’s downtown area, Real Estate Weekly reported.
Starwood Mortgage Capital declined to comment. Chetrit Group officials could not be reached for comment.
Cathy Cunningham can be reached at firstname.lastname@example.org