The Chetrit Organization, led by Juda Chetrit, has successfully closed a $55 million financing facility to recapitalise the office property at 1384 Broadway. According to people familiar with the matter, Maxim Capital Group acted as the lender for the commercial asset on the corner of Broadway and West 38th Street in Midtown Manhattan.
The property comprises 204,034 square feet of lettable space and currently records an occupancy rate of 80 per cent. A substantial portion of the newly secured capital is to be reinvested directly into the building. Planned measures include redesigning the lobby, upgrading the on-site tenant amenities, and targeted initiatives aimed at achieving full occupancy across the office tower.
Resolution of previous securitisation
The structuring and negotiation of the recapitalisation were handled by advisory firm Iron Hound Management. Representatives from Iron Hound, Maxim Capital, and the Chetrit Organization declined to comment on the transaction when contacted.
The arrival of the new financing partner concludes a period of restructuring for the property. Roughly a year earlier, a previous $88 million loan securitised within the CMBS transaction CD 2017-CD3 had been transferred to a special servicer in December 2025.
The borrower remained current on payment obligations throughout this period while parallel discussions took place regarding an early, discounted pay-off. According to David Putro, head of real estate analytics at Morningstar Credit Analytics, an agreement had been sought prior to the end of 2026. This refinancing has now been concluded with the closing of the new loan.
- —Location: 1384 Broadway office property at the intersection with West 38th Street in Midtown Manhattan
- —Key metrics: 204,034 square feet of total space with an occupancy rate of 80 per cent
- —Financing volume: New $55 million loan provided by Maxim Capital Group
- —Use of proceeds: Lobby renovation, amenity upgrades, and leasing the remaining vacant space
