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Former Cabrini Medical Center to Become Luxe Apts.

NEW YORK CITY-A group of developers, led by the Chetrit Group, took out a $128-million loan to convert the building.

By Rayna Katz | Updated on May 31, 2013

NEW YORK CITY-Natixis Real Estate Capital LLC has provided a $128 million floating-rate loan to the Chetrit Group, Clipper Equity and Robert Wolf from Read Property Group for the acquisition and pre-development of five former hospital buildings on East 19th Street, in Manhattan’s Gramercy neighborhood. The buildings, which contain a combined 395,290 square feet, formerly housed the Cabrini Medical Center.

The developer group will convert the existing structure into a 372-unit luxury residential development. The loan is for one year, with one three-month extension, Natixis managing director and head of real estate finance Gregory Murphy tells GlobeSt.com.

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