T
he Chetrit Group, in partnership with the Podolsky family, has secured a $135 million loan from Benefit Street Partners to refinance the Empire Hotel in Manhattan. The three-year loan includes a $120 million senior loan and a $1 million mezzanine loan, replacing an existing $180 million Commercial Mortgage Backed Securities loan. This refinancing comes after Chetrit and his partners negotiated a modification on the property's $170 million mortgage in 2022, securing a two-year extension and reduced interest rate.

    Henry Bodek of Galaxy Capital brokered the new loan, which was finalized just after the holidays. The Empire Hotel, built in 1901 and renovated in 2013, has been owned by Joseph Chetrit since his $80 million purchase in 2004. This refinancing is part of a larger trend of capital injections to refinance marquee properties in New York City and South Florida, including the redevelopment of the century-old Hollywood Beach Resort.

    The Chetrit Group, led by enigmatic mogul Joseph Chetrit, remains one of the most active developers in New York City. This refinancing follows other recent deals, such as the firm's planned 1,300-unit apartment development in Two Bridges and its avoidance of foreclosure on projects in Pompano Beach and Hollywood.