Jacob Chetrit, Stellar Management Seal $370M Loan Extension for Columbus Square
The loan is collateralized by the retail and commercial portion of the Upper West Side property
By Cathy Cunningham March 19, 2024 5:00 pm
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Jacob Chetrit and Stellar Management just sealed a three-year extension for their $370 million commercial mortgage-backed securities (CMBS) loan on Columbus Square, Commercial Observer has learned.
Iron Hound Management Managing Director Kevin Thompson negotiated the extension on behalf of the partnership.
While specific details of the deal — which closed Tuesday — couldn’t be gleaned, sources said sponsorship brought money to the table to secure the restructuring.
The loan is spread over four separate CMBS deals: $115 million in WFRBS 2014-C22; $96 million in JPMBB 2014-C23; $89 million in JPMBB 2014-C24 and $69 million in WFRBS 2014-C23.
Crain’s New York Business reported in January that the property’s mortgage was at risk of default, and had been sent to special servicing ahead of its August maturity date.
All in, Columbus Square comprises five luxury rental buildings — at 775 Columbus Avenue, 795 Columbus Avenue, 805 Columbus Avenue, 808 Columbus Avenue and 801 Amsterdam Avenue — atop retail and commercial space stretching three blocks along Columbus Avenue north of West 97th Street on Manhattan’s Upper West Side.
Chetrit and Stellar own the commercial component, which serves as collateral for the loan that was just extended, while While UDR and MetLife own the property’s residential component.
Retail tenants at Columbus Square include Target, Home Goods, TJ Maxx, Whole Foods, Burlington, Sephora and Starbucks, as well as Chipotle and Chick-fil-A.
Officials at Stellar Management weren’t immediately available for comment. Jacob Chetrit couldn’t be reached for comment. Iron Hound officials declined to comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
