Bank of Montreal Provides $117M to Chetrit Family to Refinance Harlem Tower
Chetrits and Jay Group are refinancing their mortgage at 620 West 153rd Street
By Brian Pascus April 18, 2024 12:24 pm
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The Chetrit Family and The Jay Group have secured $117 million to refinance their mortgage at Sunrose Tower, a mixed-use multifamily apartment building in Upper Manhattan, Commercial Observer has learned.
The Bank of Montreal and Argentic Investment Management provided the loan for the refinancing, which combines an unpaid principal of $81.6 million with a $35.3 gap mortgage note issued in April 2023, according to property records. The new mortgage was signed off by Eli Chetrit and his business partner, Jacob Aini, together with Abraham Kohn.
The Bank of Montreal originated approximately $75 million, while Argentic originated $42 million, before a portion of the loan valued at $20 million was sold to Starwood, according to Mike Schulte, head of capital markets, Argentic Investment Management
Located at 620 West 153rd Street in Harlem’s Sugar Hill neighborhood, Sunrose Tower sits on land the Chetrit family bought in May 2020. The family purchased the development site from Anbau Enterprises for $28.7 million. The site previously traded hands between Anbau Enterprises and Verizon in 2018 for $22.5 million.
Joel Kohn’s Jay Group secured $83 million in construction financing in December 2021 to develop a 28-story, 210,000-square-foot, mixed-use apartment building on the site owned by the Chetrits.
Completed in 2023, Sunrise Tower features 238 units ranging from studios to two-bedrooms, of which 30 percent are affordable and rented to tenants earning less than 120 percent of the area median income. The building includes concierge service, a tenant lounge, a fitness center, a pet spa, a roof deck and 95 parking spaces. The building also features 12,000 square feet of community space on the ground floor.
The building was designed by architecture firm Jay Frankl Associates.
The Jay Group did not respond to a request for comment.
This article was updated to reflect Argentic Investment Management’s role in the financing.
Brian Pascus can be reached at bpascus@commercialobserver.com
