J
oe and Jacob Chetrit have successfully refinanced their Hollywood Beach and Pompano Beach projects, averting a foreclosure attempt by Madison Realty Capital. The real estate heavyweights had been facing a non-judicial foreclosure on their stake in the two South Florida developments earlier this year, but they've since reached an agreement with Madison Realty.

    As part of the deal, the Chetrits will contribute significant capital to refinance and extend their loans with Madison Realty on the Pompano Beach condo project and the redevelopment of the century-old Hollywood Beach Resort. The loan for the Pompano Beach project, which has yet to break ground, will be extended by six months, while the loan in Hollywood Beach will be extended for another year.

    Henry Bodek of Galaxy Capital brokered the deals, marking a significant partnership between Madison Realty and the Chetrits. Jonathan Chetrit expressed his commitment to both projects, stating that they're excited to enter the next phase with Madison Realty's support. Madison Realty declined to comment on the matter.

    The refinancing deal comes after Madison Realty filed a U.C.C. foreclosure notice alleging default and an outstanding balance of $20.5 million, including interest. The auction was set for November 26 but was cancelled when the parties finalized the refinancing.